Rite Aid plans to close more than 100 stores nationwide, according to court documents obtained by Fast Company this week.

The drug store chain, which has already began closures across the U.S., filed court documents disclosing its latest wave of closures on June 6 and June 13. The closures will include stores in California, Connecticut, Delaware, Idaho, Massachusetts, Maryland, New Hampshire, New Jersey, New York, Ohio, Oregon, Pennsylvania, Virginia and Washington.

Rite Aid announced it was filing for bankruptcy for the second time on May 5, barely seven months after exiting Chapter 11 and becoming a private company. The company was reported to be struggling financially and seeking a buyer after re-filing for Chapter 11 bankruptcy protection, though it plans to keep its stores open throughout the process.

“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,” said Matt Schroeder, Rite Aid’s CEO, in a statement obtained by CNN. “As we move forward, our key priorities are ensuring uninterrupted pharmacy services for our customers and preserving jobs for as many associates as possible.”

Rite Aid initially filed for bankruptcy in October 2023 as it was one of several drug stores facing financial issues amid the success of bigger chains, as well as expensive legal battles for allegedly filling unlawful opioid prescriptions, which is reported to have accounted for nearly $4 billion toward its debt. The store eventually emerged out of the Chapter 11 process in September 2024, slashing an estimated $2 billion in debt and securing $2.5 billion in funds while closing around 500 locations.

Rite Aid said it secured nearly $2 billion in new financing to remain in operation during its initial bankruptcy process during Monday's announcement. The company is the third-largest national standalone pharmacy chain and seventh overall with around 1,250 stores currently open, a number that is about half of its total from two years prior.

Klinger

Seguir

Email