(KTLA) — AriZona Iced Tea will keep its 99-cent price tag for the “foreseeable future,” Don Vultaggio, brand chairman and founder, said in a recent interview with “Today.”

“We’re successful, we’re debt free, we own everything,” he said. “Why have people who are having a hard time paying their rent pay more for their drink?” Vultaggio said during the interview.

Vultaggio described keeping the prices of the popular drink low as his way of giving back.

He isn’t alone in this way of thinking either.

Gary Millerchip, Costco’s CFO and executive vice president, announced in May that the $1.50 hot dog combo will be safe from price increases.

Lynsi Snyder, the president of the beloved In-N-Out Burger chain, also said she fought to keep prices down in California after the state’s new fast-food minimum wage law took effect on April 1, raising the base rate from $16 to $20 per hour.

“I was sitting in VP meetings going toe-to-toe saying, ‘We can’t raise the prices that much, we can’t,’” Snyder told “Today” during another interview.

Snyder added that she felt “an obligation to look out for our customers” and said that, unlike competitors, In-N-Out wasn’t quick to raise prices.

However, some companies, especially in California, have decided to raise prices or lay off staff as business costs continue to increase.

As for Vultaggio, he didn’t dismiss the possibility of a price increase one day, but as for now, the 99-cent price is here to stay.

“I don’t know about never, [but] not in the foreseeable future,” Vultaggio told Today. “We’re going to fight as hard as we can for consumers, because consumers are my friends.”

Several major companies announced store closures in the past months.

Walgreens is the latest to announce closures, though the number or location of the impacted stores wasn’t shared. The pharmacy chain expects a “significant portion” to shutter over the next three years. 

“We are at a point where the current pharmacy model is not sustainable and the challenges in our operating environment require we approach the market differently,” Wentworth said Thursday during the company’s quarterly earnings call.

But Walgreens isn’t the only major brand closing locations. Here’s what to know about the stores closing and any affected locations in Arizona.

Which companies are closing stores in the US?

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Walgreens announced on Thursday that it would close locations across the U.S.

Red Lobster closed nearly a hundred locations in May while filing for Chapter 11 bankruptcy, including one in Arizona. More locations could also be affected.

At least 44 Hooters locations had closed as of Friday, USA TODAY reported. The company attributed “pressure from current market conditions” as the reason for the closures.

Why is Walgreens closing stores? 

The Illinois-based pharmacy giant noted that 25% of its stores are underperforming.

Wentworth said in a statement, “We are addressing critical issues with urgency and working to unlock opportunities for growth. Many of these actions will take time, but I am confident that we have the right team and the right strategy to lead a business turnaround for Walgreens that our customers and patients need.”

Walgreens is not alone in its financial troubles. The country’s largest pharmacy chains are shuttering stores. CVS and Rite Aid have had a bumpy two years with store closures and bankruptcy filings.  

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Are any Arizona Walgreens stores closing? 

The company has not announced what stores will be closing. It is unknown yet what locations in Arizona will be affected. Wentworth said the company has roughly 2,100 underperforming stores. Over the past ten years, Walgreens has closed 2,000 store locations.  

Why is Hooters closing stores?

A “select number” of Hooters restaurants will shut down due to “pressure from current market conditions,” the chain said in a statement to USA TODAY on Monday.

“Ensuring the well-being of our staff is our priority in these rare instances,” the statement reads. “This brand of 41 years remains highly resilient and relevant. We look forward to continuing to serve our guests at home, on the go and at our restaurants here in the U.S. and around the globe.”

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Are any Arizona Hooters locations closing?

No Hooters restaurants in Arizona appeared to be closing. All locations were listed as open on the company website, and none appeared in other media outlets’ lists of stores closing.

There are five Hooters restaurants in Arizona, according to the company’s website.

• 1665 S. Alma School Road in Mesa.
• 10223 N. Metro Parkway in Phoenix.
• 2820 N. 75th Ave. in Phoenix.
• 7280 E. Broadway Blvd. in Tucson.
• 1519 S. Yuma Palms Parkway in Yuma.

Why is Red Lobster closing?

According to Bloomberg, Red Lobster has been finding it difficult to make money with its current leases and labor costs. It has also been reported by CNN the company suffered a $12.5 million operating loss in the fourth quarter of 2023 despite its popular endless shrimp promotion.

By filing for Chapter 11 bankruptcy, the company would stay open while it reorganizes funds to pay off existing debt over time, seeking to continue with better financial footing.

Bloomberg also reported Red Lobster is being advised by law firm King & Spalding on the subject. Any discussions about restructuring are ongoing, and no final decisions have been made regarding a bankruptcy filing as of April 18.

Which Arizona Red Lobster locations are closing?

Before Red Lobster officially filed for Chapter 11 bankruptcy, the company listed some United States stores as closed. As of May 23, 2024, just one Red Lobster location in Arizona was listed as “closed” or “temporarily closed.”

• 11695 N. Oracle Road in Oro Valley.

According to one of the documents filed in bankruptcy court, these Arizona Red Lobster locations are on the chopping block if their leases cannot be renegotiated:

• 1521 S. Yuma Palms Parkway in Yuma.
• 5061 N. Oracle Road in Tucson.
• 7921 W. Bell Road in Peoria.
• 2810 N. 75th Ave. in Phoenix.

The NFL offseason continues today, a Friday, and we continue the countdown to the start of the regular season. For the Arizona Cardinals, who open the season on the road at Highmark Stadium against the Buffalo Bills on September 8, there are 72 days left.