Welcome back, everyone. Keep reading for our unofficial call to action today. But first, let’s dive into what’s happening in retail this week.
In stores: Pharmacy chain Rite-Aid ended 2023 on a less than stellar note after filing for Chapter 11 bankruptcy in October. Part of the company’s restructuring includes shedding its 1,900 stores.
- There will be an auction on Wednesday for the remaining stores—the final bids for which were accepted through last Friday. The auction was originally set for late December and then postponed, according to PE Hub.
- But saying bye-bye to brick and mortar is not the only hurdle Rite-Aid has to clear at the moment. The company is facing at least 1,600 lawsuits alleging the company “ignored red flags” involving the opioid epidemic, Reuters reported.
As for the bankruptcy, Rite-Aid received approval earlier this month to sell its Elixir Solutions pharmacy-benefit manager arm to MedImpact Healthcare Systems for $575 million. That deal is expected to close sometime in Q1.
In events: On Thursday, PayPal will host a preview of a number of innovations—including from Venmo—it plans to bring to market this year. The keynote address by president and CEO Alex Chriss will be available on PayPal’s YouTube channel.
- In a brief statement, Chriss said the event will introduce PayPal’s “next chapter,” including how the company will “revolutionize commerce again through AI-driven personalization for both consumers and merchants.”
- PayPal could use a boost. Over the past four years, the company’s stock—which Wall Street analysts were once bullish on—has declined and now sits 80% below its all-time high, per MarketWatch.
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In savings: We hear today is the Super Bowl for bargain hunters. Influencers in the coupons/discounts/clearance space believe that Ross Dress for Less will have crazy markdowns on Monday. (Drop us a line if you can confirm this.)
According to The Krazy Coupon Lady, the sales event is unofficially designated as the “Ross 49 Cent Sale,” but the company doesn’t promote it.
- TikToker Shaimarie Franqui (@orlandoqponqueen) has been putting her nearly 790,000 followers on notice about the sale, claiming “January 22 is the day that you guys want to head over to Ross…because that is the week that Ross does these major, insane price drops.”
- The Krazy Coupon Lady notes that not every location participates in the sale and “different stores mark down prices at different times, and some locations will have more 49-cent items than others.”