First Rite Aid, now Walgreens may shutter stores in NJ

Times certainly haven't been pleasant for pharmacy stores across the nation. In particular, national chains.

It wasn't that long ago when Rite Aid announced they would be closing stores across the nation, including here in New Jersey. At this point, most have seen these locations get liquidated and shut down (You can read more about the Rite Aid store closures from Jeff Deminski here).

Since then, Rite Aid has announced even more stores will shutter as it continues to try and restructure under Chapter 11 bankruptcy protection. However, the outlook for New Jersey this time around doesn't seem as bleak.

According to Penn Live, "all but three of the closings are in Ohio and Michigan." As of now, it doesn't look like any additional stores slated to close are in New Jersey.

That, of course, may change as we continue to head deeper into the year. For now, New Jersey appears safe.

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What about Walgreens?

Unfortunately, things don't look good for the competition either with Walgreens announcing closures of their own. In fact, a lot of their retail locations are expected to shutter.

According to CNN, "Walgreens is set to close a substantial number of its roughly 8,600 locations across the United States as the company looks to reset the struggling pharmaceutical chain’s business." This includes approximately 25% of its stores that are underperforming.

And it's those underperforming stores where the main focus will be, and the ones that are most likely to see liquidation sales in the not-so-distant future. According to CNN, "Walgreens’ (WBA) shares fell 20% to its lowest level in decades."

What about New Jersey?

At this time, it is unknown if any retail stores in the Garden State will be shuttering as a result. However, it was announced that this process won't happen overnight. Instead, the plan is for the selected stores to close over a span of three years.

That means your local New Jersey Walgreens might not be on the chopping block just yet, but may be added down the road if it's determined that the store is underperforming. Time will tell, of course, just how many New Jersey stores are ultimately affected by this.

Until those locations are announced, Walgreens stores throughout the Garden State should remain open for business... at least for now.

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The above post reflects the thoughts and observations of New Jersey 101.5 Sunday morning host Mike Brant. Any opinions expressed are his own.