Bankruptcy of Blink Fitness and Other Businesses

Blink Fitness, an affordable gym chain, filed for Chapter 11 bankruptcy to facilitate a sale of the business. The company has received $21 million in new financing to support ongoing operations. Other businesses like Red Lobster and Rite Aid have also faced bankruptcy issues.

Rite Aid store closures and bankruptcy

Rite Aid is closing 27 stores in Ohio and Michigan as part of bankruptcy proceedings due to competition and legal issues related to the opioid crisis. Other major retailers like Walmart and Target are also facing financial struggles.

US Retailers Closing Stores in 2023

In 2023, US retailers closed almost 5,500 stores, with major brands like Bed Bath & Beyond, Walgreens, and Rite Aid leading the closures. The home and office sector was hit hardest, accounting for over 30% of closures. Several retailers went bankrupt and liquidated stores due to poor sales and escalating theft. Despite high closures, there were also many store openings in the same year.