Rite Aid Stores: Rite Aid which was once a giant in the pharmacy and retail business with more than 4,500 stores in the early 2000s, will close all its stores in the United States. The company, which has been facing huge financial troubles, filed for bankruptcy again in October 2023 due to mounting debt and legal issues. It had been named in hundreds of lawsuits related to the opioid crisis, which further contributed to its downfall.
Rite Aid Stores: Bankruptcy and Plans for Closure
The company is now going through a Chapter 11 bankruptcy process. This type of bankruptcy allows companies to keep running their business while they reorganize and try to pay off their debts. However, Rite Aid has decided to shut down all its stores and liquidate its assets.
Big Change in Social Security Overpayment Policy: How It Affects You?
This means the company will sell everything it owns, including inventory, customer prescription records, and other property. While they plan to close down, they are still looking for buyers for their assets, including possible strategic buyers from both national and regional levels.
According to AS News, in a statement, Rite Aid’s CEO, Matt Schroeder, said, “For more than 60 years, Rite Aid has been a proud provider of pharmacy services and products to our loyal customers.” He acknowledged the company’s financial difficulties and the impact of changing retail and healthcare environments.
Despite the tough times, Schroeder said that there had been strong interest from potential buyers. He stressed that the company’s priorities are to continue pharmacy services without interruptions and to keep as many jobs as possible during the process.
Of the more than 1,200 branches, these will be the most affected states, based on the number of locations:
- 347 stores in California
- 345 stores in Pennsylvania
- 178 stores in New York
- 95 stores in Washington
- 60 stores in New Jersey
- 48 stores in New Hampshire
- 48 stores in Oregon
- 31 stores in Virginia
- 29 stores in Delaware
- 23 stores in Maryland
- 15 stores in Connecticut
- 8 stores in Idaho
- 5 stores in Vermont
- 4 stores in Massachusetts
- 4 stores in Ohio
Florida SNAP Benefits: Who Will Get Payments Between May 4 and May 11, 2025?
Final Closures and Liquidation Sales
Over the past year, Rite Aid has been closing many of its stores. The company now operates 1,245 stores in 15 states. Although it hasn’t set an exact date for the nationwide store closures, several Rite Aid locations have already started holding liquidation sales. These sales will help clear out inventory before the final store closures take place. The last round of closures is expected to be completed by mid-2025.
