Beloved retail giant closing even more locations after filing for bankruptcy
The 63-year-old pharmaceutical chain is preparing to close another 17 locations in six states this year.
Each was named in Rite Aid's 12th notice of additional store closings, which they filed on July 18 in New Jersey.
Washington state has the highest number of closures on the notice at 10, while New York and Oregon both have two. Maryland, New Hampshire and Ohio each have one.
With these locations, Rite Aid will have closed around 1,219 stores since its second bankruptcy filing.
It recently marked its 1000th shutter milestone, and 26 stores will begin operating under different retailer names tomorrow, according to the chain's closure and transfer list.
As of now, there are only 708 stores operating across 15 states, a number which is expected to shrink later this year.
It's also become a major threat to Thrifty Ice Cream, a popular ice cream chain on the West Coast that operates in 500 Rite Aids that are slated to close.
Rite Aid quickly became one of the nation's most popular pharmaceutical chains after opening its first store in Pennsylvania in 1962.
At its peak in 2008, the chain was operating over 5,000 locations, making it the third-largest pharmacy in the US.
The chain had been struggling for quite some time before it was forced to file for bankruptcy in 2023.
By that time, the chain was operating 2,100 stores, and planning to close hundreds after receiving $3.45 billion in new financing to create a restructuring plan.
The plan was initially successful after slashing $2 billion in debt and securing $2.5 billion in exit financing.
However, its restructuring efforts slowly crumbled, and by April of this year, Rite Aid was plotting its second bankruptcy.
The company has initiated multiple mass closures since its most recent filing, and is on the brink of disappearing for good.
Other retailers like Walgreens and CVS have been snapping up Rite Aid locations and pharmacies, but they too have been facing financial crisis.
CVS got away with the most Rite Aid pharmacies after acquiring 625 across 15 states, along with 64 stores in Idaho, Oregon and Washington.
However, it's also planning to shutter 270 of over 9,000 locations across the US this year as part of a years-long strategy to right-size the number of pharmacy locations.
All 23 CVS locations in Arkansas are also at risk of closing following a new law, which bans Pharmacy Benefit Managers (PBMs) from owning or operating pharmacies.
The law, which will take effect in 2026, is similar to a House Bill that passed in Louisiana, which could potentially force CVS out of the state.
The retailer sent a massive warning via text to customers, who were confused and panicked about the situation.
Walgreens also snapped up some Rite Aid locations before finalizing a nearly $10 billion acquisition deal with Sycamore Partners. Because of this deal, the company will go private before the end of the year.
Other chains that scooped up Rite Aid's pharmacy services include Albertsons and Kroger.
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