In a recent development, one of the largest pharmacy chains in the United States, Rite Aid, closed its final batch of stores on September 29th as part of its bankruptcy plan. The company’s official website released a statement announcing that all stores are now “closed.”
After years of operational difficulties and two bankruptcy protection filings, Rite Aid has shut down its remaining 89 stores. The statement expressed gratitude to loyal customers for their support over the years.
The company’s website has been cleared, leaving only some URL links to assist former customers in finding new alternative pharmacies and accessing past pharmacy records. Rite Aid assures that prescriptions will be smoothly transferred.
Rite Aid filed for Chapter 11 bankruptcy protection for the first time in 2023, reporting a loss of $750 million in just one fiscal year. Even after emerging from bankruptcy protection in 2024, the company still carried a debt of $25 billion.
In the midst of a rapidly deteriorating retail and healthcare environment, CEO Matt Schroeder stated in May that the company was facing financial difficulties. On May 15th, Rite Aid announced signing a series of agreements for the sale of assets and pharmacy service transfers, transferring national store assets to CVS Pharmacy, Walgreens, Albertsons Companies, Kroger, and Giant Eagle.
Founded in 1962 in Scranton, Pennsylvania, Rite Aid once operated thousands of stores nationwide during its heyday, employing around 45,000 staff, including 6,100 pharmacists, solidifying its position as one of the largest pharmacy chains in the United States.