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.
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."|