This will come as a shock to absolutely nobody who has been in one of their stores over the last couple of years.
New York (CNN Business)Fry's Electronics suddenly closed all of its stores overnight, ending a nearly four-decade run in business.
The company, which had 31 stores across nine US states, said in a statement on its website that it "made the difficult decision to shut down its operations and close its business permanently" because of changing consumer shopping habits and the ongoing Covid-19 pandemic.
Based in San Jose, California, the privately held company was a family business. It was founded in 1985 by the three Fry brothers with the goal of being a "Silicon Valley retail electronics store to provide a one-stop-shopping environment for the Hi-Tech Professional."
"It is hoped that undertaking the wind-down through this orderly process will reduce costs, avoid additional liabilities, minimize the impact on our customers, vendors, landlords and associates, and maximize the value of the company's assets for its creditors and other stakeholders," Fry's explained on its website.
Other details about its sudden disappearance were scarce.
Many of its retail locations had wacky themes. For example, its Burbank location was inspired by 1950s sci-fi movies and had a UFO decoration crashing through the exterior of the store. Its Phoenix, Arizona, location had an ancient Aztec temple and its Houston, Texas store was inspired by the state's oil history.
The retailer didn't innovate its online operations as rapidly compared to its larger rivals. Best Buy (BBY), for example, recently reported its best quarter in 25 years as home-bound customers snapped up laptops, home theater systems and kitchen appliances.
Rite Aid, one of the largest pharmacy chains in the United States, filed for bankruptcy on Sunday, weighed down by billions of dollars in debt, declining sales and more than a thousand federal, state and local lawsuits claiming it filled thousands of illegal prescriptions for painkillers.
The company filed for Chapter 11 bankruptcy protection in New Jersey. Its largest creditors include the pharmaceutical company McKesson Corporation and the insurer Humana Health. The pharmacy has raised $3.45 billion to fund its operations while its in bankruptcy, during which it expects to continue to operate its stores and serve its customers.
The company also appointed a new chief executive, Jeffrey Stein, to lead its restructuring. Mr. Stein is the founder of Stein Advisors, a financial advisory firm that focuses on fixing troubled companies. Elizabeth Burr had been serving as Rite Aid’s temporary chief executive since January.
Rite Aid is one of many drugstore chains dealing with lawsuits stemming from the deadly abuse of opioids in the United States. In March, the Justice Department filed a complaint against Rite Aid and its various subsidiaries asserting that the company filled prescriptions for excessive quantities of opioids “that had obvious, and often multiple, red flags indicating misuse.”
The location I've gone to for at least 30 years (formerly a Thrift and Eckert) closed two weeks ago. There is another one a mile away that we are now using, So far, I'm not happy with it.
Rite Aid is one of many drugstore chains dealing with lawsuits stemming from the deadly abuse of opioids in the United States. In March, the Justice Department filed a complaint against Rite Aid and its various subsidiaries asserting that the company filled prescriptions for excessive quantities of opioids “that had obvious, and often multiple, red flags indicating misuse.”
The location I've gone to for at least 30 years (formerly a Thrift and Eckert) closed two weeks ago. There is another one a mile away that we are now using, So far, I'm not happy with it.
And yet they have no qualms about refusing to fill birth control, emergency contraceptive and HRT prescriptions.
Bankruptcies
Posted: Mon Oct 16, 2023 8:35 am
by bill_g
We saw this one coming. Our local Rite-Aid has been slowly becoming a ghost town over the last year as aisle after aisle has been cleared of products, and the lanes blocked by signage.
Yep. In Seattle, the pharmacy of choice for the last 125 years was family-owned Bartell Drugs, which had 50 or 60 stores in the area. I have been using the same store for almost 20 years. Four or five years ago, the Bartell family sold out to Rite Aid. Sadly, the quality went down after the sale. The bankruptcy makes me fear the worst. I really do not want to have to drive further to get to a Walgreens or a CVS.
Bankruptcies
Posted: Mon Oct 16, 2023 7:03 pm
by Shizzle Popped
Bartell sold? Bummer. I used to go to the one at 132nd and Seattle Hill Road out in the Mill Creek area. They were the best pharmacy in the area at the time.
Bankruptcies
Posted: Mon Oct 16, 2023 7:12 pm
by MN-Skeptic
I've never been in a Rite Aid, so I downloaded this map from Wikipedia. It shows all Rite Aid locations as of September 2015 -
Rite_Aid_footprint.png (144.88 KiB) Viewed 3238 times
Bankruptcies
Posted: Mon Oct 16, 2023 8:25 pm
by Dr. Ken
MN-Skeptic wrote: ↑Mon Oct 16, 2023 7:12 pm
I've never been in a Rite Aid, so I downloaded this map from Wikipedia. It shows all Rite Aid locations as of September 2015 -
Rite_Aid_footprint.png
They got gutted in 2015. Originally Rite aid was going to be acquired by Walgreens but the government stepped in and stopped a full acquisition. They then bought half the stores and the rest of the company was looking for a buyer ever since.
NEW YORK (AP) — Express Inc — once a trendsetter of casual office attire that has struggled to compete with the likes of Zara and H&M — has filed for Chapter 11 bankruptcy protection.
The retailer based in Columbus, Ohio, and founded in 1980 also said Monday it is seeking to sell the majority of its stores.
Express, which is the parent of the Bonbons and UpWest brands, is shuttering a handful of its outlets in the process. In an announcement addressing its bankruptcy filing, the company said it plans to close 95 of its Express retail stores and all 10 of its UpWest stores.
Closing sales at locations being shut down, which span across more than 30 states and Washington, D.C., are set to begin Tuesday. Beyond these closures, Express said that it expects to conduct business as usual.
I've never shopped there, but I see them all over the place.
Bankruptcies
Posted: Wed Apr 24, 2024 2:36 pm
by northland10
AndyinPA wrote: ↑Mon Apr 22, 2024 4:34 pm
I've never shopped there, but I see them all over the place.
For me, that would apply to nearly every store in the country. I don't shop well, online or in person.
I may be personally responsible for the destruction of retail in this country.
Well, except for Binny's (beer store) and my impulse buy at Menards on Sunday (a carpet cleaner). I have lived in small places so not buying stuff has been slightly helpful in keeping the hideous clutter from becoming (thinking for a word worse than hideous) obscenely monstrous clutter.
If I were Orly writing a court filing, it would be egregious clutter, and very similar in look to her inartfully collated and defectively stapled pile of papers.
Bankruptcies
Posted: Wed Apr 24, 2024 2:55 pm
by MN-Skeptic
Gateway Pundit
Matthew Gertz
@MattGertz
Arch-conspiracy theorist Jim Hoft says his Gateway Pundit site's parent company is in Chapter 11 bankruptcy, blaming "progressive liberal lawfare attacks." He's faced a series of defamation suits for pushing 2020 election conspiracy theories. https://fox2now.com/news/missouri/misso ... ay-pundit/
A Message from The Gateway Pundit Founder Jim Hoft to Our Readers
April 24, 2024
A message from our Founder:
TGP Communications, the parent company of The Gateway Pundit, recently made the decision to seek protection under Chapter 11 of the United States Bankruptcy Code in the Southern District of Florida as a result of the progressive liberal lawfare attacks against our media outlet.
This is not an admission of fault or culpability. This is a common tool for reorganization and to consolidate litigation when attacks are coming from all sides. It allows TGP to consolidate this lawfare in one court for ultimate resolution.
Despite the radical left’s efforts to silence The Gateway Pundit through censorship, de-platforming, de-banking, cut-off from advertisers, and other financial strategies, we will not be deterred from our mission of remaining fearless and being one of the most trusted independent media outlets in America today. We do not expect that to change.
notice how the "radical left" is conducting "lawfare" whenever a RW site is losing
Bankruptcies
Posted: Wed Apr 24, 2024 6:13 pm
by Rolodex
"Lawfare" seems to be their new boogie man term.
Maybe Gateway Pundit wouldn't be facing bankruptcy if they'd stop defaming people.
Bankruptcies
Posted: Thu Apr 25, 2024 6:47 am
by Sam the Centipede
Flatpoint High wrote: ↑Wed Apr 24, 2024 4:10 pm
notice how the "radical left" is conducting "lawfare" whenever a RW site is losing
Whereas right-wingers creating multiple delusional fact-free suits about wholly imaginary vote-rigging are "protecting the integrity of the electoral process." Not lawfare at all, no ma'am.
Trung Phan @TrungTPhan wrote:
Details from Red Lobster’s bankruptcy filing are wild and so much mismanagement:
$1B in debt, $30m in cash Previous PE owner sold land and leased it back to Red Lobster at “above market rates” $20 Endless Shrimp cost it $11m but the interesting part is that one of the chain’s owners is Thai seafood firm Thai Union (which also owns Chicken By The Sea) and it may have used Endless shrimp to dump its own shrimp supply through the 578 restaurants in North America Thai Union became the only Red Lobster shrimp vendor, overcharging for shrimp and skipping quality reviews (Thai Union has written off its $500m+ investment) Red Lobster has had 5 CEO in the last 5 years (!!!) Sales down 30% since 2019
Trung Phan @TrungTPhan wrote:
Details from Red Lobster’s bankruptcy filing are wild and so much mismanagement:
$1B in debt, $30m in cash Previous PE owner sold land and leased it back to Red Lobster at “above market rates” $20 Endless Shrimp cost it $11m but the interesting part is that one of the chain’s owners is Thai seafood firm Thai Union (which also owns Chicken By The Sea) and it may have used Endless shrimp to dump its own shrimp supply through the 578 restaurants in North America Thai Union became the only Red Lobster shrimp vendor, overcharging for shrimp and skipping quality reviews (Thai Union has written off its $500m+ investment) Red Lobster has had 5 CEO in the last 5 years (!!!) Sales down 30% since 2019
Back in 2009 an activist investor of Target wanted to spin off the land the stores stood on into a real estate investment trust and lease the land back with 75-year leases. When he failed to get his folks on to the Target board, he sold his stock and moved on to other victims. I despise hedge funds who use these tactics. While it may make them money in the short term, it ends up destroying the companies they use these tactics on.
Bankruptcies
Posted: Tue May 21, 2024 1:26 pm
by northland10
They don't care about the health of the company. They want to wrong every bit of cash possible. The cash can the be tossed into stock buybacks or to payoff the debt from the firm buying the company (as happened in Red Lobster's case).
For the debt payoff, the company may spiral in value but if the firm can selloff before it goes too far, it is still pure profit as their investment was bank financing.
They can even get more if form can buy the company's real estate.
It is not investing, it is a cash grab.
Bankruptcies
Posted: Tue May 21, 2024 2:56 pm
by raison de arizona
Red Lobster done got looted.
Bankruptcies
Posted: Tue May 21, 2024 4:22 pm
by Suranis
At least Vampires need your permission to enter your house before they drink your blood.
Bankruptcies
Posted: Tue May 21, 2024 4:25 pm
by Dr. Ken
There's this kid on YouTube I follow who goes into the history of brands and then does rise and fall of companies. He did a video on RL a few weeks ago
Bankruptcies
Posted: Tue May 21, 2024 6:34 pm
by John Thomas8
From Red Lobster:
Dear Guests,
You may be aware that Red Lobster filed for Chapter 11 bankruptcy protection. We’d like to take a moment to explain what this means for our company, and for you, our valued guests.
For more than five decades Red Lobster has been a part of your family’s life. We’ve been there for your celebrations, big and small. We may be the place that you first discovered your love of seafood. Or where you met the love of your life on a first date. Birthdays, graduations, anniversaries and yes, weddings. We’ve been here for them all. And Red Lobster is determined to be there for these moments for generations to come. And that’s why we filed for Chapter 11 bankruptcy protection.
Bankruptcy is a word that is often misunderstood. Filing for bankruptcy does not mean we are going out of business. In fact, it means just the opposite. It is a legal process that allows us to make changes to our business and our cost structure so that Red Lobster can continue as a stronger company going forward. As many of you know, we recently made the tough decision to close a number of our restaurants.
The truth is, some of the world’s most beloved brands like Delta and Hertz have used this same process to protect their futures and their customers stood with them and rooted them on. And because of that, they emerged stronger.
Together, we have a lot worth rooting for. We’ve made delicious, high-quality seafood accessible for generations. Many of you tried lobster for the first time at our restaurant. We’ve brought you Lobsterfest and Crabfest over the years. And, of course, no meal is complete without Cheddar Bay Biscuits.
We are here and ready to continue making memories with you.
Join us. Dine with us. Root for us. Together, we can write a new chapter.
$1B in debt, $30m in cash