Drugstore giant Rite Aid has filed for bankruptcy amid “slowing sales, mounting debt and lawsuits alleging it contributed to the nation’s opioid epidemic,” CNBC reports.
Rite Aid’s decline has persisted for months and prior reports indicated the chain was preparing to file for chapter 11 bankruptcy.
The company's revenue continued plummeting in its most recent quarter, and mounting losses forced it to reevaluate its business strategy.
BREAKING: Rite Aid filed for bankruptcy and is closing hundreds of stores pic.twitter.com/6HIAKQFK0H
— Insider Paper (@TheInsiderPaper) October 16, 2023
Breaking: Rite Aid, one of the largest drugstore chains in the U.S., filed for bankruptcy.
— Andy Ngô 🏳️🌈 (@MrAndyNgo) October 16, 2023
CNBC reports:
During its most recent quarter ended June 3, revenue fell to $5.6 billion, down from $6.01 billion in the year-ago period. Net losses widened to $306.7 million, or $5.56 per share, compared to a net loss of $110.2 million, or $2.03 per share, in the same period a year earlier.
ADVERTISEMENTAs a result of the rough quarter, Rite Aid lowered its fiscal 2024 outlook and warned investors it expects to lose between $650 million and $680 million for the full year, which is slated to end in late February.
Rite Aid’s retail pharmacy segment has long been a key growth driver for the company, but that hasn’t been enough to offset its mounting losses.
Plummeting demand for Covid vaccines and testing, a membership reduction in the company’s prescription drug plan and a loss of customers from its Elixir pharmacy benefits business have contributed to a slowdown in revenue at the struggling drug chain.
"Rite Aid operates more than 2,000 retail stores across 17 states in the U.S.," Reuters noted.
🚨Just in: Rite Aid a drugstore chain that has 2,100 stores in the US has filed for bankruptcy. pic.twitter.com/3oQohPfzD7
— The Calvin Coolidge Project (@TheCalvinCooli1) October 16, 2023
From Reuters:
Along with other pharmacy chains, it has been named a defendant in lawsuits that alleged they helped fuel the opioid crisis in the United States.
The U.S. Department of Justice in March sued Rite Aid, accusing the pharmacy chain of missing "red flags" as it illegally filled hundreds of thousands of prescriptions for controlled substances, including opioids.
More than 900,000 people have died of drug overdoses in the U.S. since 1999, with opioids playing an outsized role, according to data from the U.S. Centers for Disease Control and Prevention.
In related news, CVS Pharmacy previously announced the closure of 900 stores by the end of 2024 due to increases in shoplifting.
The drugstore chain is planning a retail overhaul and transition to a more online-based business strategy.
If you are affected by this or by any other layoffs or closures, I have GOOD NEWS: I might be able to help you!
Because guess who's NOT laying people off?
Guess who is in HIRING mode?
Me!
Noah!
Your humble correspondent!
We're growing faster than I can keep up with.
Maybe I can help you?
If you've been impacted by layoffs, or just got fired....or....if you have a job but it doesn't pay enough, then this is for "YOU".
The layoffs are really getting bad out there.
You may not work at any of those places....
In fact, odds are you probably don't!
But the layoffs start there and then spiral across the country.
And I know many of you reading this have ALREADY been laid off or fired from your job.
Many more are to come.
So....that's why I'm publishing this.
Can I help you?
Very possibly....yes!
In fact, I tell you this because this is MY story.
And deep down it's probably your story too.
You see, it doesn't even have to be a layoff.
It may just be that you're very unhappy with where you're at in life.
Unhappy with your job...
Unhappy with your future prospects....
Not crazy about doing what you're doing for the next 30 years and getting a cheap watch as a gift when you retire.
Oh I have a feeling that my story is going to resonate with you.
You see, I believe deep down we all know we were created ON purpose and FOR a purpose.
A God-given purpose.
Something we were created to do in this world better than anyone else.
Sound crazy?
I don't think so.
I think every single one of us has greatness inside of us...and a calling to live the life God created for us!
Not to live someone else's life.
Definitely not to live a life for your boss or for your job!
How sad is that?
It reminds me of one of my favorite memes:
But as always, there is TRUTH in comedy.
It's what makes comedy funny, because we can all relate to the underlying truth.
So here's where it gets really personal.
I didn't learn that until I was in my 40's.
I wish I'd learned it earlier.
And I'm telling you because maybe I can help YOU learn it earlier in life.
When I started this mission of the WLTReport back in 2015, I was finally doing MY thing.
Not living for someone else...
Not just punching a clock...
Not just moving papers around into a folder in a beige office for 40, 50 or 60 hours a week.
No.
I was finally doing what God created ME to do...and I was changing the world (in my own little way) at the same time.
If you've never been in that position, I can't quite describe it to you but it's magical.
Suddenly, you don't need coffee or extra motivation to get through the day.
Suddenly, when you're living out YOUR purpose you have all this natural energy and "work" doesn't seem like work.
You go from watching and waiting for the clock to hit 5:00 so you can go home to wondering "where did that day go, I could use another 12 hours!"
People ask me all the time how I get so much done around here and they're fearful I'm going to "burn out"...
Nothing could be farther from the case.
And to quote my friend Christopher Greene, "I'd much rather BURN out than RUST out."
Let that one sink in a bit.
I believe in this so much and I believe I can help a lot of people who are reading this so much that I actually recorded this video.
This is me, totally from the heart.
Please enjoy (and then if anything in this video resonates with you, scroll down and I will tell you how I might be able to help you too):
I Had a Job, Once...
👇 pic.twitter.com/fINRaHEOcO— DailyNoah.com (@DailyNoahNews) April 8, 2023
Backup here on Rumble:
Now, if ANYTHING I said in that video gave you that little shock of adrenaline or that gut feeling that connected with your soul, I want you to keep reading...
I want to be very clear upfront about a couple of things.
One, I'm not trying to sell you anything.
And two, I'm not telling you to quit your job or make any drastic change.
I'm just a guy who finally found how to live for the passion God placed inside of me, and if I can help some other people along the way I want to do it.
Fair?
Ok.
So in addition to my mission here at WLTReport, I've also been working on this second mission that I started talking about last month.
It's like Mission x Mission for me...Mission Squared!
And I've got about 100 people in my "Inner Circle" who have jumped aboard and are doing it with me and they're absolutely loving it.
The truth is I've been blown away in the past few weeks by the comparison of what we're doing with this new mission and everything else happening in the world right now.
I'm sure you've seen all the headlines.
As I type this, banks are failing...
Banks are being shut down...
Bank Runs are threatening to spread across America...
Big companies are doing mass layoffs...
Tens of thousands at a time, Wave 1, Wave 2, Wave 3, they just keep coming!
All the big names are doing it and no one seems immune: Google, Amazon, Facebook, Walmart, McDonalds, Wells Fargo it's everywhere!
There's definitely not a lot of "confidence" or "certainty" anywhere in the system right now.
And yet in the midst of all of that, then I huddle up with my Inner Circle and they're receiving paychecks!
Life-changing paychecks in many cases.
That's not my words...
Let me share with you a personal message I received from one person in my Inner Circle.
I'm withholding her name for privacy purposes but she did give me permission to share this.
Read this and try to not let a tear come to your eye as you realize in her own words: "I did not have a Plan B..."
Read here:
I got that message a few weeks ago but it still pumps me up reading it here again!
And that's not the only one.
They come in all the time, people so grateful for the opportunity to live THEIR purpose and join our Mission!
Making money and having fun doing it all at the same time.
I've redacted some personal information, but check out three messages I just received recently from some good friends in the Inner Circle:
Ok, can I show you just a few more?
Sorry but I'm so proud of these people who have jumped in and changed their lives.
Here are a few more:
Now I have to give my standard disclaimer: RESULTS ARE NOT GUARANTEED. I can't promise you will do well or earn a ton of money. The only thing I can promise you is the OPPORTUNITY. And those who work hard and put in the effort and have drive and determination have tremendous opportunity here.
No promises, no guarantees in life.
But if you work hard and don't give up and know how to take life by the horns and dig in?
Then you might just do very well.
But the reality is stuff like this comes in all the time and it pumps me up so much!
Not only is our mission changing lives but the people working with me in the Inner Circle are having THEIR lives changed right along with it.
As I said at the very beginning of this article, this is NOT for everyone, but it might be for you...
....if you're a high performer...
....if you want to earn a supplemental income working with me...
....and most importantly if you're a NICE person.....
....if your heart is beating fast right now knowing that everything I've typed above and everything in my video above is like it's speaking DIRECTLY to you.
If that's you, I want to connect with you.
I can't make any promises, and I can't even promise we will have any slots open, but if this speaks to you then I want you to send me your information and someone from my Inner Circle will get back to you if/when we have something open.
I look forward to hearing from you!
UPDATE: As of right now, we are currently FULL with over 200 workers on our Mission. I am still accepting submissions but just understand you will be placed on a Wait List until more opportunities open up. Thank you!
Thanks for reading.
I can't wait to see who this helps over the next month, 6 months, year or more.
We're changing lives and I absolutely love it!
Noah out.
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