A retail store chain on the verge of Chapter 11 bankruptcy could shutter one-quarter of its 2,200 stores.
Fortunately, loyal shoppers can usually find other stores that can serve them relatively quickly. That’s especially true for household items, which can be bought at major department store chains like Walmart or online at Amazon.
CARDIFF, WALES - SEPTEMBER 10: A man looks at items for sale in a Wilko store on Queen Street on September 10, 2023 in Cardiff, Wales. 52 Wilko stores will close next week in England and Wales after the store went into Administration in August. 24 shops will close on September 12 with an additional 28 to close on September 14. Wilko was founded in 1930 and by the 1990s was one of Britain’s fastest-growing retailers.
Rite Aid is also suffering because rising interest rates have caused variable interest on its debt to balloon. The news prompted Rite Aid management to say, “The Company has been engaged in reviewing and continues to review strategic alternatives to recapitalize, refinance or otherwise optimize its capital structure , which may ultimately result in the Company pursuing one or more significant corporate transactions or other remedial measures.”
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