Re: Business & Politics News and Discussions
Posted: Sun Oct 15, 2023 8:09 pm
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https://www.yahoo.com/lifestyle/cvs-wal ... 01871.htmlThe national pharmacy chain Rite Aid has filed for bankruptcy in an attempt to close unprofitable stores and deal with debt of about $4 billion. The company said in court filings that it plans to shutter an unspecified number of stores across 17 states.
But Rite Aid is far from the only major pharmacy chain facing closures. Walgreens and CVS have collectively closed more than 1,000 stores across the country since 2018. Independent pharmacies are also struggling to stay afloat: The number of these stores dropped by 50% from 1980 to 2022, according to a report from McKinsey.
This trend has been happening for years: Nearly 1 out of every 8 pharmacies closed between 2009 and 2015, according to a JAMA Internal Medicine study.
What do all these closures mean for people who depend on these pharmacies, and what options do you have if your local pharmacy closes? Doctors break it down.
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Read more: https://www.cnbc.com/2023/11/13/exxon-t ... ansas.html
Exxon Mobil aims to become a leading producer of lithium for electric vehicle batteries through a drilling operation the oil giant is launching in Arkansas, the company announced Monday.
Exxon earlier this year purchased 120,000 acres of a geological site in southern Arkansas called the Smackover Formation that is rich in lithium.
The company will start producing battery-grade lithium at the site as soon as 2027, and aims to supply enough of the mineral to support the manufacture of one million electric vehicles annually by 2030. Discussions with potential customers such as electric vehicle and battery manufacturers are ongoing, Exxon said in a statement.
The lithium operation comes as the the major oil companies are under pressure to address climate change. While Shell and BP have focused on renewables such as wind and solar, Exxon is investing $17 billion through 2027 to reduce emissions with a focus on carbon capture, hydrogen and biofuels.
Read more: https://www.usatoday.com/story/money/sh ... 744831007/
Pharmacy chain Rite Aid is shuttering an additional 31 stores in a dozen states, according to a recent bankruptcy court filing.
The company announced more than 150 other store closures last month when it filed for Chapter 11 bankruptcy protection. A Wednesday news release said it operates more than 2,300 retail pharmacy locations across 17 states.
Rite Aid spokesperson Catherine Carter said the stores that will be closing have been underperforming and will be closed “to further reduce rent expense and strengthen overall financial performance.” The company plans to give workers at closing stores the option to transfer to other locations.
Rite Aid, one of the largest pharmacy chains in the country, filed for bankruptcy in October as it faced slumping sales and more than a thousand federal, state and local lawsuits accusing it of fueling the opioid epidemic by illegally filling painkiller prescriptions.