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Are they actually bankrupt or just trying to get out of paying for all those lawsuits?
by burkaman 3y ago
Are they actually bankrupt or just trying to get out of paying for all those lawsuits?
- username332211 3y agoThey can hardly pay their current creditors, much less the lawsuits.
- jacurtis 3y agoThat was my question, I think this is just a good old fashion all-american "corporate do-over".
- cratermoon 3y agoTexas Two-Step: https://en.wikipedia.org/wiki/Texas_two-step_bankruptcy https://en.wikipedia.org/wiki/Texas_two-step_bankruptcy
- AmVess 3y agoThey have been closing stores for a while, and will close a lot more in C11. Corporate is very much trying to devise some way of keeping the doors open, but they are going to hit the same wall that a lot of other retail operations hit. The world simply no longer has a need for every street corner having the same types of stores selling the same types of things at the same prices.
- seanmcdirmid 3y agoEven without the lawsuits they would probably be over. The whole retail drug store industry is in dire straights these days.
- deleted 3y ago[deleted]
- sonofhans 3y agoFWIW it’s “dire straits” — https://en.wikipedia.org/wiki/Strait https://en.wikipedia.org/wiki/Strait — as in “a narrow and dangerous passage.”
- MenhirMike 3y agoSo, if they go bankrupt, is that... ( •_•)>⌐■-■ Money for nothing? (⌐■_■)
- adventured 3y agoThey have been in the process of a slow collapse for about ~20 years. "How did you go bankrupt? Two ways. Gradually, then suddenly." - E. Hemingway
- AmVess 3y agoThey are going kaput, and have been for a long time. I was in one last year, and the store had many empty and partially full shelves. The last time I had seen something similar was when K-Mart hit the skids. Aisles of nothing, and then an aisle or two of things stacked so as to appear there was more on the shelves than there actually were. It very much had a semi-abandoned, depressing feel to it. CVS and Walgreens are headed down that path, too.
- wayfinder 3y agoNo I doubt CVS is. Their profits have gone up almost every quarter for almost 6 years, unlike Walgreens and Rite-Aid. Plus none of their stores that I’ve been inside has looked dead, and they always have locations in the right places like in downtown areas. You almost wonder what Walgreens and Rite-Aid have been up to all this time. At the end of the day, if I’m in a major metro area and I’m not near a supermarket, I’m going to CVS.
- IG_Semmelweiss 3y agoIve seen a supermarket hitting the skids. One with heavy foot traffic (they failed to renegotiate the lease). It is one of the saddest, most depressing things i've ever seen. Just seeing staff, most of whom had been working in that market for years, was heartbreaking. You didn't even have to talk to them to see how the slow moving death sentencew was affecting them It gave me a taste of how living in a communist country must be like.