Walgreens to lower prices on hundreds of items this summer
Walgreens’ announcement to lower prices comes as above-average inflation has persisted after reaching a four-decade high in 2022.
Scripps News
Several major companies announced store closures in the past months.
Walgreens is the latest to announce closures, though the number or location of the impacted stores wasn’t shared. The pharmacy chain expects a “significant portion” to shutter over the next three years.
“We are at a point where the current pharmacy model is not sustainable and the challenges in our operating environment require we approach the market differently,” Wentworth said Thursday during the company’s quarterly earnings call.
But Walgreens isn’t the only major brand closing locations. Here’s what to know about the stores closing and any affected locations in Arizona.
Which companies are closing stores in the US?
Endless shrimp did not cause Red Lobster to file for bankruptcy
A series of financial problems including $294 million in debt has lead seafood giant Red Lobster to file for bankruptcy.
Walgreens announced on Thursday that it would close locations across the U.S.
Red Lobster closed nearly a hundred locations in May while filing for Chapter 11 bankruptcy, including one in Arizona. More locations could also be affected.
At least 44 Hooters locations had closed as of Friday, USA TODAY reported. The company attributed “pressure from current market conditions” as the reason for the closures.
Why is Walgreens closing stores?
The Illinois-based pharmacy giant noted that 25% of its stores are underperforming.
Wentworth said in a statement, “We are addressing critical issues with urgency and working to unlock opportunities for growth. Many of these actions will take time, but I am confident that we have the right team and the right strategy to lead a business turnaround for Walgreens that our customers and patients need.”
Walgreens is not alone in its financial troubles. The country’s largest pharmacy chains are shuttering stores. CVS and Rite Aid have had a bumpy two years with store closures and bankruptcy filings.
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Are any Arizona Walgreens stores closing?
The company has not announced what stores will be closing. It is unknown yet what locations in Arizona will be affected. Wentworth said the company has roughly 2,100 underperforming stores. Over the past ten years, Walgreens has closed 2,000 store locations.
Why is Hooters closing stores?
A “select number” of Hooters restaurants will shut down due to “pressure from current market conditions,” the chain said in a statement to USA TODAY on Monday.
“Ensuring the well-being of our staff is our priority in these rare instances,” the statement reads. “This brand of 41 years remains highly resilient and relevant. We look forward to continuing to serve our guests at home, on the go and at our restaurants here in the U.S. and around the globe.”
Hooters hit by inflation, forced to close 40 locations across US
Hooters abruptly shut down around 40 locations across the US due to poor financial performance.
Benzinga – News
Are any Arizona Hooters locations closing?
No Hooters restaurants in Arizona appeared to be closing. All locations were listed as open on the company website, and none appeared in other media outlets’ lists of stores closing.
There are five Hooters restaurants in Arizona, according to the company’s website.
1665 S. Alma School Road in Mesa.10223 N. Metro Parkway in Phoenix.2820 N. 75th Ave. in Phoenix.7280 E. Broadway Blvd. in Tucson.1519 S. Yuma Palms Parkway in Yuma.Why is Red Lobster closing?
According to Bloomberg, Red Lobster has been finding it difficult to make money with its current leases and labor costs. It has also been reported by CNN the company suffered a $12.5 million operating loss in the fourth quarter of 2023 despite its popular endless shrimp promotion.
By filing for Chapter 11 bankruptcy, the company would stay open while it reorganizes funds to pay off existing debt over time, seeking to continue with better financial footing.
Bloomberg also reported Red Lobster is being advised by law firm King & Spalding on the subject. Any discussions about restructuring are ongoing, and no final decisions have been made regarding a bankruptcy filing as of April 18.
Which Arizona Red Lobster locations are closing?
Before Red Lobster officially filed for Chapter 11 bankruptcy, the company listed some United States stores as closed. As of May 23, 2024, just one Red Lobster location in Arizona was listed as “closed” or “temporarily closed.”
11695 N. Oracle Road in Oro Valley.
According to one of the documents filed in bankruptcy court, these Arizona Red Lobster locations are on the chopping block if their leases cannot be renegotiated:
1521 S. Yuma Palms Parkway in Yuma.5061 N. Oracle Road in Tucson.7921 W. Bell Road in Peoria.2810 N. 75th Ave. in Phoenix.
Source link : https://www.azcentral.com/story/money/business/consumers/2024/06/29/chain-store-closures-arizona/74248003007/
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Publish date : 2024-06-29 09:01:13
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