Bulletin Business Briefs (e-ed)
Published 5:45 pm Friday, November 24, 2023
Rite Aid Corp., trying to restructure its business in bankruptcy court, is closing a bevy of locations nationwide. In filings this month, the Philadelphia-based pharmacy chain added dozens more to the list, including several in Oregon.
The company started its fiscal year with 2,300 locations in March in 17 states but said in its bankruptcy filing that it would seek to close underperforming stores. It’s moved swiftly to do so as it tries to shed costs.
Most recently, on Monday, it closed its NE Cully Boulevard store in Portland and set a closing date of Monday for its location in the city of Hines.
The company lost money for years and had $4 billion in outstanding debt at the time of its October bankruptcy filing.
All together, Rite Aid has closed or announced closures of nine Oregon stores.
Rite Aid also plans to close a warehouse in Wilsonville next year, laying off 136 employees by April.
Stocks drifted to a mixed finish Friday after a half-day trading session capped a holiday shortened week that left the major indexes with their fourth straight winning week.
Gains in health care, financial, energy and other sectors helped temper losses in technology and communication services stocks.
Chipmaker Nvidia and Google parent Alphabet were among the biggest decliners, losing 1.9% and 1.3%, respectively. Among the big gainers in the S&P 500 were CF Industries, which rose 2.6%, and Best Buy, which closed 2.2% higher.
The major stock indexes’ latest weekly gains reflect a turnaround in the market’s sentiment in November following a three-month slide. Traders have grown cautiously optimistic that inflation has cooled enough for the Federal Reserve to finally be done with its market-crunching hikes to interest rates.
Employment declined at U.S. service providers and manufacturers in November for the first time since mid-2020 amid tepid demand and elevated costs, a survey from S&P Global showed.
The S&P Global flash composite employment index slid 1.6 points to 49.7, just below the level that separates expansion and contraction. The group’s measure of overall business activity was unchanged in November, and for a fourth month, remained less than a point above the stagnation reading of 50.
Headcounts in the service sector declined for the first time since June 2020, while manufacturing payrolls shrank for a second month. Waning demand conditions and still-elevated cost pressures were “commonly mentioned” by businesses as reasons for letting workers go, the report showed.