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(FOX BUSINESS) – Rite Aid reported a very difficult quarter on Thursday when the pharmacy chain reported a much larger-than expected loss, sending shares plunging 28% in the session. The loss was related to costs connected to its store-closing plan.
Some of those closures affected stores in New York City, where the retailer has been the victim of crime, specifically shoplifting.
Rite Aid’s chief retail officer Andre Persaud addressed the issue on the company’s earnings call Thursday, saying it is just about impossible to stop stealing in New York City shops.