{"id":1137233,"date":"2021-12-21T10:34:58","date_gmt":"2021-12-21T15:34:58","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1137233"},"modified":"2021-12-21T10:35:00","modified_gmt":"2021-12-21T15:35:00","slug":"rite-aid-shutting-down-more-than-60-stores","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/rite-aid-shutting-down-more-than-60-stores\/","title":{"rendered":"Rite Aid Shutting Down More Than 60 Stores"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Frite-aid-shutting-down-more-than-60-stores%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1137233&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p class=\"p1\">On Tuesday, the drugstore chain Rite Aid announced it will be shutting down a minimum of 63 stores.<\/p>\n<p class=\"p1\">According to <a href=\"https:\/\/www.cnbc.com\/2021\/12\/21\/rite-aid-to-close-at-least-63-stores-in-the-coming-months.html\">CNBC<\/a>, the chain said it will be closing the stores due to a continuing review and it expects to discover more stores to shut down in the coming months.&nbsp;<\/p>\n<p class=\"p1\">The company released its earnings <a href=\"https:\/\/www.businesswire.com\/news\/home\/20211220005684\/en\/\">report<\/a>, stating, in part:&nbsp;<\/p>\n<p>Revenues from Continuing Operations Increased 1.8 Percent to $6.23 Billion Compared to Prior Year Third Quarter Revenues from Continuing Operations of $6.12 Billion&nbsp;Third Quarter Net Loss from Continuing Operations of $36.1 Million or $0.67 Per Share, Compared to the Prior Year Third Quarter Net Income of $4.3 Million or $0.08 Per Share&nbsp;Third Quarter Adjusted Net Income from Continuing Operations of $8.2 Million or $0.15 Per Share, Compared to the Prior Year Third Quarter Adjusted Net Income of $21.6 Million or $0.40 Per Share<\/p>\n<p class=\"p1\">\u201cWe delivered a solid quarter as we grew Adjusted EBITDA [earnings before interest, taxes, depreciation, and amortization] by 12.7 percent versus last year,\u201d said Heyward Donigan, the president and chief executive officer of Rite Aid. \u201cDespite challenges in the labor market, our pharmacists and store teams were able to meet the unprecedented volumes for COVID and flu immunizations, COVID testing and other clinical services, which clearly demonstrates our Lean work to free up capacity is paying off.\u201d&nbsp;<\/p>\n<p class=\"p1\">\u201cToday, we also announced the first phase of a store closure program to reduce costs, drive improved profitability and ensure that we have a healthy foundation to grow from, with the right stores in the right locations, for the communities we serve and for our business. We have identified an initial 63 stores for closure that is expected to provide an annual EBITDA benefit of approximately $25 million,\u201d he added.&nbsp;<\/p>\n<p class=\"p1\">\u201cFinally, I want to thank each and every one of our associates for everything they do. It is my greatest privilege to work alongside such a tremendous team, and I am forever grateful for their passion and commitment to our company, our customers and each other,\u201d Donigan concluded.<\/p>\n<p class=\"p1\">CNBC reported: \u201c\u2026 Although it earned more than expected on an adjusted basis, its sales for the three months ended Nov. 27 came in lower than analysts expected. The retailer also cut its outlook for sales for the fiscal year.<\/p>\n<p class=\"p1\">\u201cRite Aid shares were falling about 2% in premarket trading. The stock has dropped roughly 22% year to date, putting its market capitalization at nearly $692 million,\u201d the outlet added.<\/p>\n<p class=\"p1\">CNN Business <a href=\"https:\/\/www.cnn.com\/2021\/12\/21\/business\/rite-aid-store-closures\/index.html\">reported<\/a>: \u201cRite Aid has approximately 2,500 stores across 19 states, so the closures amounts to just 2% of its retail footprint.\u201d<\/p>\n<p class=\"p1\">The move comes as other drug store companies are taking steps to change their models. Rite Aid also has been reportedly altering some of its shops in order to prioritize areas for beauty products, personal care items, and vitamins, with not as much space given to household appliances and other items.<\/p>\n<p class=\"p1\">Last month, CVS announced its plans to shutter 900 stores in a pivot toward health resources.&nbsp;<\/p>\n<p class=\"p1\">As The Daily Wire <a href=\"https:\/\/www.dailywire.com\/news\/cvs-closing-900-stores-amid-pivot-toward-health-hub-model\">reported<\/a>, \u201c[t]he firm will create primary-care services at some sites, while converting others into health hubs that provide mental health services, hearing exams, and other screenings.\u201d&nbsp;<\/p>\n<p class=\"p1\">\u201cThe company has been evaluating changes in population, consumer buying patterns and future health needs to ensure it has the right kinds of stores in the right locations for consumers and for the business,\u201d CVS announced in a statement.<\/p>\n<p class=\"p2\">The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <a href=\"https:\/\/www.dailywire.com\/subscribe\">member<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Tuesday, the drugstore chain Rite Aid announced it will be shutting down a minimum of 63 stores.According to CNBC, the chain said it will be closing the stores due to a continuing review and it expects to discover more stores to shut down in the coming months.\u00a0The company released its earnings report, stating, in part:\u00a0Revenues from Continuing Operations Increased 1.8 Percent to $6.23 Billion Compared to Prior Year Third Quarter Revenues from Continuing Operations of $6.12 Billion\u00a0Third Quarter Net Loss from Continuing Operations of $36.1 Million or $0.67 Per Share, Compared to the Prior Year Third Quarter Net Income of $4.3 Million or $0.08 Per Share\u00a0Third Quarter Adjusted Net Income from Continuing Operations of $8.2 Million or $0.15 Per Share, Compared to the Prior Year Third Quarter Adjusted Net Income of $21.6 Million or $0.40 Per Share\u201cWe delivered a solid quarter as we grew Adjusted EBITDA [earnings before interest, taxes, depreciation, and amortization] by 12.7 percent versus last year,\u201d said Heyward Donigan, the president and chief executive officer of Rite Aid. \u201cDespite challenges in the labor market, our pharmacists and store teams were able to meet the unprecedented volumes for COVID and flu immunizations, COVID testing and other clinical services, which clearly demonstrates our Lean work to free up capacity is paying off.\u201d\u00a0\u201cToday, we also announced the first phase of a store closure program to reduce costs, drive improved profitability and ensure that we have a healthy foundation to grow from, with the right stores in the right locations, for the communities we serve and for our business. We have identified an initial 63 stores for closure that is expected to provide an annual EBITDA benefit of approximately $25 million,\u201d he added.\u00a0\u201cFinally, I want to thank each and every one of our associates for everything they do. It is my greatest privilege to work alongside such a tremendous team, and I am forever grateful for their passion and commitment to our company, our customers and each other,\u201d Donigan concluded.CNBC reported: \u201c\u2026 Although it earned more than expected on an adjusted basis, its sales for the three months ended Nov. 27 came in lower than analysts expected. The retailer also cut its outlook for sales for the fiscal year.\u201cRite Aid shares were falling about 2% in premarket trading. The stock has dropped roughly 22% year to date, putting its market capitalization at nearly $692 million,\u201d the outlet added.CNN Business reported: \u201cRite Aid has approximately 2,500 stores across 19 states, so the closures amounts to just 2% of its retail footprint.\u201dThe move comes as other drug store companies are taking steps to change their models. Rite Aid also has been reportedly altering some of its shops in order to prioritize areas for beauty products, personal care items, and vitamins, with not as much space given to household appliances and other items.Last month, CVS announced its plans to shutter 900 stores in a pivot toward health resources.\u00a0As The Daily Wire reported, \u201c[t]he firm will create primary-care services at some sites, while converting others into health hubs that provide mental health services, hearing exams, and other screenings.\u201d\u00a0\u201cThe company has been evaluating changes in population, consumer buying patterns and future health needs to ensure it has the right kinds of stores in the right locations for consumers and for the business,\u201d CVS announced in a statement.The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a member.<\/p>\n","protected":false},"author":95,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1137233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1137233","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1137233"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1137233\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1137233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1137233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1137233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}