Rite Aid, once the nation’s largest pharmacy chain, filed for bankruptcy earlier this week. Why?
According to the New York Times, Rite Aid was
brought down by slumping sales, poor management, and opioid lawsuits. The Times quoted a
financial analyst who said the pharmacy company “has not been well managed for a very
long time.”
How about shoplifting? An epidemic of smash-and-grab
shoplifting has battered pharmacy chains across the United States. Walgreens, the
nation's largest pharmacy chain, has closed several urban stores, particularly
in California.
The word shoplifting was not even mentioned in the Times
story, even though Rite Aid said recently that shoplifting was a massive problem for the company, particularly in New York City. In a recent earnings call, Rite Aid’s CEO said
the company experienced “unexpected headwinds this quarter from financial
shrink, particularly in our New York urban stores.” Indeed, in just one fiscal
quarter, Rite Aid experienced $5 million in theft losses in New York City.
Rite Aid closed NYC’s Hell’s Kitchen store earlier
this year. A store employee described the out-of-control shoplifting problem. “They
come in every day, sometimes twice a day, with laundry bags and just load up on
stuff . . . . They take whatever they want, and we can't do anything about it.
It's why this store is closing. They can't afford to keep it open.”
Why do you suppose the New York Times failed to
mention Rite Aid's huge losses from shoplifting in New York City? Maybe the
newspaper doesn't want its readers to know how much the quality of life has
deteriorated in the Big Apple since the COVID pandemic.
Of course, New Yorkers can see
the decline with their own eyes. That's why so many residents are leaving and moving to Florida.
New York’s Democratic governor, Kathy Hochul, is happy to see her constituents move out of state.
“Just jump on a bus and head down to Florida where you belong, OK? Get out of town. Because you do not represent our values. You are not New Yorkers,” she said.
Of course, Governor Hochel is
correct. Unlike New York’s political leaders, people leaving New York have a
low tolerance for crime—including rampant shoplifting.
 |
| "Get out of town." |
Because 5 million is pocket change for a company that size. Maybe if we lived in a country that had fair wages no unemployment and access to child care you could get me to care about shoplifting. But the billionaires who own all the politicians will never let that happen. And nothing makes them happier than you blaming people for their poverty.
ReplyDeleteDiscover the unexpected cosmic twist as Rite Aid navigates the challenging terrain of bankruptcy. Dive into our analysis to uncover the cosmic forces at play—spoiler alert: it's not about shoplifting! Join us as we explore the celestial dance of financial challenges and strategic shifts, shedding light on the real cosmic drama behind Rite Aid's bankruptcy filing. Get ready for a journey beyond the conventional narratives, where the stars align with financial complexities, and the galaxies of corporate restructuring take center stage."
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