Jeep is reportedly discontinuing the Renegade, its most affordable model, in the United States and Canada due to declining sales. The subcompact crossover will no longer be offered after the 2023 model year, leaving the compact Compass as the cheapest vehicle in Jeep's lineup. Despite an early high in sales, the Renegade's popularity declined significantly starting in 2019, with sales falling to 27,459 in 2022. The Renegade will continue to be sold in Mexico, Europe, South America, and Asia.
Rite Aid, a major U.S. pharmacy chain, has filed for bankruptcy and secured $3.45 billion in financing as part of a restructuring plan. The company is facing declining sales and opioid-related lawsuits, including a settlement of up to $30 million. The bankruptcy filing aims to reduce debt and resolve litigation claims. Rite Aid's CEO has been replaced, and some underperforming stores will be closed. The filing and noncompliance with listing standards will not impact business operations or reporting requirements.
Rite Aid, one of the largest pharmacy chains in the US, has filed for Chapter 11 bankruptcy protection due to declining sales, billions of dollars in debt, and over a thousand lawsuits alleging the filling of illegal prescriptions for painkillers. The company plans to continue operating its stores and serving customers during the bankruptcy process. Rite Aid's stock has plummeted nearly 80% this year, and it has struggled to compete against larger rivals like CVS and Walgreens Boots Alliance, as well as Amazon. The bankruptcy filing will allow the company to address its debt, close stores, and deal with the opioid litigation.
Rite Aid, the drugstore chain, has filed for Chapter 11 bankruptcy protection as it faces slowing sales, mounting debt, and numerous lawsuits related to the opioid epidemic. The company plans to restructure by evaluating its retail footprint and closing underperforming locations. Lenders have agreed to provide $3.45 billion in new funding to support the restructuring efforts. Rite Aid's revenue fell to $5.6 billion in its most recent quarter, and it expects to lose between $650 million and $680 million for the full year. The company has appointed a new CEO and chief restructuring officer to lead the turnaround. Drugstores like Rite Aid have been struggling as consumers increasingly turn to online retailers and larger competitors like CVS and Walgreens. Rite Aid is also facing legal challenges alleging its role in fueling the opioid crisis.
Fashion retailer Express has announced the resignation of CEO Tim Baxter and the appointment of Stewart Glendinning as the new CEO and member of the board of directors. The company has been facing declining sales and increased expenses, resulting in a 6% decrease in consolidated net sales profits compared to the same period last year. In an effort to reduce costs, Express plans to cut 150 jobs, with a charge of about $5 million. The new CEO is expected to bring fresh thinking and strategies for profitable growth to the company.
San Francisco-based Anchor Brewing, a pioneer in craft beers, has stated that it is open to a purchase offer from its employees, who are launching an effort to buy the brewery. However, time is running out as the company plans to proceed with liquidation in early August. Anchor Brewing, which was sold to Japanese brewer Sapporo Holdings in 2017, recently announced its discontinuation due to declining sales and challenging economic conditions. Several investors have expressed interest in acquiring the brewery, but any decision to sell will be made by liquidators.
Anchor Brewing Co., America's oldest craft brewer, is permanently closing after 127 years in business due to a combination of challenging economic factors and declining sales since 2016. The company, which was acquired by Japanese beer giant Sapporo in 2017, has faced allegations of mismanagement and a lack of understanding of U.S. craft beer. Sixty-one employees have received a 60-day notice and will receive transition support and separation packages. The company has ceased brewing but will continue selling its remaining beer until the end of July.
Colorado's marijuana industry experienced its worst 4/20 sales in five years, with falling sales, business closures, and layoffs. Factors contributing to the decline include oversupply, lack of demand, increased competition in other states, dropping prices, absence of cannabis tourism, and the allure of the black market. April's combined medical and retail marijuana sales reached approximately $132 million, the lowest in five years. The number of medical marijuana store licenses in Denver has fallen by 27% over the past five years, while the number of retail marijuana store licenses has increased by 13%. Delivery permits associated with stores have also grown.
Maine's real estate market is experiencing tight inventory and monthly double-digit price increases, resulting in a decline in total sales. The total dollar volume of residential sales dropped almost 21% from January to April compared to the same period last year, primarily due to a shortage of homes on the market. Land sales decreased the most, almost 35%, with the value of those sales falling by the same percentage. High mortgage rates, inflation, and economic uncertainty have made it challenging for buyers, and the tight market is hurting prospective buyers as they lose out in competition for homes.
Bud Light is offering a rebate of up to $15 on purchases of a 15-pack of Budweiser, Bud Light, Budweiser Select, or Budweiser Select 55 for the Fourth of July weekend. This promotion comes as Bud Light faces a conservative boycott and declining sales following its partnership with a transgender influencer. In an effort to revive sales, Bud Light has announced partnerships with country music and NFL stars.
Bud Light is offering a rebate of up to $15 on purchases of a 15-pack of Budweiser, Bud Light, Budweiser Select, or Budweiser Select 55 for the Fourth of July weekend. The promotion comes as Bud Light faces a conservative boycott and declining sales following its partnership with a transgender influencer. Modelo Especial recently surpassed Bud Light as the top-selling beer in America. In an effort to revive sales, Bud Light has announced partnerships with country music and NFL stars.
