The once-thriving pharmacy chain Rite Aid might be going out of business for good. The company first filed for bankruptcy in October 2023 and closed more than half its stores. A year and a half later, Rite Aid filed for its second bankruptcy in a New Jersey court.
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“I think what we’ll progressively see is the stores will become more and more spartan,” retail analyst Neil Saunders told the Associated Press.
According to its website, Rite Aid operates 1,245 locations in 15 states. Many locations are in New York, Pennsylvania, and California. The chain currently has 347 locations in California alone.
Rite Aid Will Sell All Stores To A New Owner As Part Of The Bankruptcy
The AP reported stores will remain open as Rite Aid seeks a new owner during the bankruptcy proceedings. Customers can continue to fill prescriptions, receive immunizations, and shop online and in-store as usual.
“For more than 60 years, Rite Aid has been a proud provider of pharmacy services and products to our loyal customers. While we have continued to face financial challenges, intensified by the rapidly evolving retail and healthcare landscapes in which we operate, we are encouraged by meaningful interest from a number of potential national and regional strategic acquirors,” Matt Schroeder, Chief Executive Officer of Rite Aid, said in a statement. “As we move forward, our key priorities are ensuring uninterrupted pharmacy services for our customers and preserving jobs for as many associates as possible.”
He then thanks loyal Rite Aid customers for their support during the bankruptcy proceedings.
“I will be forever grateful to our thousands of associates for their commitment to Rite Aid and its mission. And I thank our entire team – from store associates to corporate employees – for their dedication to our customers and our company. With their support, we have played a critical role in supporting the healthcare needs of countless Americans across the communities that we are honored to serve.”
This story’s featured image is by Colleen Michaels via Shutterstock.
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