 |
|
|
|||||
Struggling pharmacy chain Rite Aid may be preparing to file for a second bankruptcy and sell itself in pieces, according to a new report. The plans would come just a year after Rite Aid emerged from its prior bankruptcy proceedings. Heres what you need to know. Whats happened? A report from Bloomberg yesterday said that the pharmacy chain Rite Aid was preparing to file for a second bankruptcy. Rite Aid previously filed for Chapter 11 bankruptcy in 2023, from which it emerged last year in 2024. But now Bloombergs report suggests that Rite Aid’s reorganization in that bankruptcy wasnt enough to help the retailer put its struggles behind it. Rite Aid is reportedly “running low on cash” reserves, according to Bloomberg, and heading towards another bankruptcy. This time, the pharmacy chain will reportedly sell itself in pieces as part of the bankruptcy proceedings. Bloomberg said Rite Aid is strapped for liquidity and will pursue a debtor-in-possession (DIP) loan to keep itself funded during the bankruptcy process. The publication cited people with knowledge of the situation as the source of the bankruptcy news. Fast Company has reached out to Rite Aid for comment on the report. We also asked whether more store closures are planned and whether the pharmacy has any guidance for customers who get their medication at Rite Aid. We will update this story if we hear back. As part of its second bankruptcy, Rite Aid will reportedly sell certain locations to bidders, while others will be closed permanently. Rite Aid store closures in 2025 As part of its first bankruptcy two years ago, Rite Aid closed hundreds of stores in order to help restructure its business and get its finances in order. That bankruptcy was fueled by numerous financial woes, including declining revenue, more competition, and the costs associated with fighting opioid lawsuits. But emerging from the previous Chapter 11 now appears not to have done enough to help the companys financial footing. Bloomberg says that like many retailers, including Joann and Party City, Rite Aid has still struggled with customers who are cutting back on their spending as well as higher interest rates. As of now, Rite Aid has not publicly confirmed its second bankruptcy plans or announced any swath of store closures. However, over the past several weeks, a number of local media outlets have reported on individual Rite Aid store closings in their area. For example, the Asbury Park Press on Tuesday reported that the Rite Aid at South Main Street in Neptune Township, New Jersey, would be closing effective today, April 23. A Rite Aid representative confirmed the closure to the outlet, stating, While we have had to make difficult business decisions over the past several months to improve our business and optimize our retail footprint, we are committed to becoming financially and operationally healthy. Similarly, the Santa Monica Daily Press reported on April 17 that the Rite Aid at 14th and Wilshire in Santa Monica, California, would be closing in May. A sign posted to the door of that Rite Aid store said, Thank you for trusting us with your health. On May 29th we will be moving your prescription to CVS on 1411 Lincoln Blvd. A day earlier, on April 16, the Central Oregon Daily News reported that Rite Aid would be closing its south-side store in Bend, Oregon. The outlet said Rite Aid employees confirmed the store would be closed and its inventory merged with Bends only other Rite Aid on the north side of the city. The closure was reported to be part of a company-wide consolidation effort. How many Rite Aid stores are left in 2025? According to Rite Aids store location listings, the pharmacy chain has 1,247 Rite Aids left in the United States. Those stores span 15 states: California, Connecticut, Delaware, Idaho, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Ohio, Oregon, Pennsylvania, Vermont, Virginia, and Washington. However, as of this writing, the three stores reported to be closing above are still listed, and there is no indication in online listings that the stores have been marked for closure. What that means is that Rite Aid will soon have less than its currently listed 1,247 in the United States. Just how many Rite Aids will remain if the reports of its second bankruptcy plans are accurate remains to be seen.
Category:
E-Commerce
Welcome to Pressing Questions, Fast Companys mini-advice column. Every week, deputy editor Kathleen Davis, host of The New Way We Work podcast, will answer the biggest and most pressing workplace questions. Q: What should I do about a coworker who dresses inappropriately at work? A: My first instinct is to advise you to keep it to yourself. Commenting on someones appearance is fraught and how someone dresses or styles their hair, etc. very often falls into the category of none of your business.But, there are nuances and circumstances where something is actually inappropriate. Before you say anything, run though these checks: Does your workplace have an official dress code policy? Not all workplaces do, and many are unhelpfully vague. (After all, who actually knows what business casual means?) If there is a policy and it states a guideline that your coworker is very clearly violating, you can bring the issue to the persons manager or HR to handle. Consider what is truly ‘inappropriate’ Just because you think sweatpants are unprofessional doesnt mean you need to police others clothing choices. Issues with appearance usually only rise to the level of intervention in a few scenarios. For example, if someone is in a client- or customer-facing role and there is an expectation to dress formally when meeting a client, or to dress in a way that respects the culture in the place you are doing business. Or if there is a need to dress safely for workplace hazards (like closed-toe shoes on a construction site, for example). Among internal colleagues, the only reason to intervene is if their appearance is causing a legitimate issue in a workplace. Clothing with political messages or graphic images likely falls in the same bucket as displaying similar content at your deskif its not allowed there, its not allowed on your body.As for inappropriate in the context of “too revealing,” tread very lightly and ask yourself if its more of a you problem than a them problem. Theres a long sexist history of rules around womens appearance at workfrom requiring things like high heels and skirts to punishing women for dressing in a way that distracts men. If you truly think that someones appearance is holding them back from getting a promotion or being taken seriously, you can have a conversation with them where you dont blame or shame them.Want some more advice on dress codes at work? Here you go: This is why we need to end dress codes for work How to dress for every stage of your career Managers, this is how to encourage new employees to adopt a more formal dress code Do dress codes at the office work?
Category:
E-Commerce
This months legal dustup between NFL quarterback Lamar Jackson and NASCAR legend Dale Earnhardt Jr. over trademark rights to the number 8 may have amounted to little more than a tempest in a teapot, but it has drawn attention to a rarely considered topic in branding and marketing: the use of numbers in brand names and logos. Why might a seemingly arbitrary number like 8or 27 or 63, for that matterbe worth fighting over? And are some numbers worth more than others? Obviously, numbers are at an important disadvantage compared to letters when it comes to their use as trademarks. While an initial letter can stand for any word that it begins with, numbers are much more constrained in their ability to represent a range of meanings. This helps explain why an examination of U.S. Patent and Trademark Office records shows that, over time, there have been a total of 7,183 trademark applications for logos consisting solely of a stylized letter Awhether traditional or crossbar-lesswhile the most popular number (1, naturally) has garnered just 466 such logo applications. So its rare for numbers to stand alone as trademarks. They often serve as supporting elements in brand names, (Heinz 57, Phillips 66), or worse (Nikes would-be moniker, Dimension 6). USPTO data reveals, surprisingly, that in trademarks that are simply names, with no graphic elements, the most commonly used number between 0 and 100 is 2, which edges ahead of 1 perhaps in part due to its ability to represent the word to in a name. Next come 4, 3, 5, 7, 10, and 100, with poor number 8so hotly contested by Jackson and Earnhardtrelegated to 11th place. The bottom of the list is populated by the apparently uninspiring 87, 67, 82, 89, and, last of all, 83. Some numbers are able to function as trademarks by playing off meanings that have already been baked into them. Both the NBAs Philadelphia 76ers and 76 gas stations (shortened from the more descriptive Union 76) strike patriotic chords by referring to the U.S.s 1776 founding (although the latter also nods to the fuels original 76 octane rating). When no such meaning is obvious, numbers used as trademarks are like empty vessels that can be laden with significance only through some combination of time and heavy brand lifting. Take 84 Lumber: Its name is essentially arbitrary, stemming from the companys location in the village of Eighty Four, Pennsylvania, which itself is named after . . . well, no one is quite sure. But after 69 years in business, 84 Lumber more or less owns the number 84. Part of the appeal of such seemingly random numbers is their mystery, and the accompanying tease that they might hold some secret meaning. This explains the popularity of the use of area codes as trademarks, and hints at why Rolling Rock continues to emblazon a 33 on each of its beer bottles. But for brands more interested in distinctiveness than riddles, perhaps the best way to employ a number as a trademark is to express it in the form of a unique logo design, making it not a mere number, but a stylized numeral. The result can be a powerful symbol, particularly for types of businesses where identifying numbers have an outsize importance, like television stations (see WABC New Yorks 63-year-old Circle 7 mark), banks (Cincinnatis Fifth Third Bank has a delightful improper fraction for a logo), and, yes, racing concerns like NASCAR (where Dale Jr. emerged from his recent kerfuffle with the rights to the iconic Budweiser 8). Adopting an unusual design motif can help a brand lay claim to even the most common of numerals, as Builders FirstSource has done with its oddly tilted 1. As noted above, 1 is the most prevalent stylized logo number in the USPTOs files. After that, though, come 7 and the coveted 8, suggesting a particular visual appeal in the form of these numerals. Following along are 3, 5, 2, 4, 9, and 6, before the first double-digit number, the aforementioned 76. Repeating digits seem popular in logos; 33 comes in at 14th, and 99 at 19th, for instance. Meanwhile, the most unpopular numbers are 71, 87, and 94, with only one logo trademark application apiece. But perhaps in these unloved numbers there are opportunities for brands to acquire an ownable set of digits that they wont have to tussle over.
Category:
E-Commerce
All news |
||||||||||||||||||
|
||||||||||||||||||