One of America's biggest drugstore chains has filed for bankruptcy. This video attempts to identify the reasons behind their troubles.As I last did in Company Man asks 'The Decline of Borders...What Happened?' A tale of the Retail Apocalypse for Flashback Friday, here is a list of Company Man Mike's reasons for Rite Aid's slide into bankruptcy.
Company Man Mike went back to the beginning of the company and told the tale of a company that was successful until its founder Alex Grass stepped down, then started declining as soon as his son Martin took over. Company Man calling Martin one of the worst executives of a large company he's ever covered is saying something, especially since the leaders of Crazy Eddie's were outright criminals! I guess Martin was, too.
The rest looks familiar. Most of the chains succumbing during the Retail Apocalypse were already in trouble and Rite Aid was one of them. The Retail Apocalypse and the opioid crisis crossing paths was just the last straw.
The long holiday weekend continues with Small Business Saturday tomorrow. Stay tuned.
Thanks to Steve in Manhattan for linking to this post in Mike's Blog Roundup and welcome to all of you who came here after clicking his link! Also, welcome to all my international readers from Germany, South Korea, the Netherlands, and the rest of the world. I appreciate all of you, especially the Singaporeans, Germans, Finns, and Canadians, whose countries contributed more than 1,000 page views each this month!
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