Rite Aid’s “Comeback Story” cuts Pharmacy Chain Files For for Ackruptcy again
After closing hundreds of stores and facing ongoing challenges, Rite Aid looks for buyers as he prepares to sell the remaining inventory and essential assets.
Scripps News
Rite Aid has announced more store closures after filing for bankruptcy for years.
The drugstore announced that it once again filed for Chapter 11 bankruptcy on May 5, the second time since October 2023, and said it would close more than 100 stores. Now, bankruptcy filings indicate that the chain is planning to close more of 316, around 1,200 still operating locations.
On May 15, Rite Aid said it had “concluded a series of sales agreements and a pharmacy service transition agreement.” This includes transferring pharmacy assets from US locations to pharmacies, Walgreens, Albertsons, Kroger, Giant Eagle and other operators. Rite Aid and Bartell Drugs Storts in some states will be operated by CVS Pharmacy as part of a sales agreement.
Here’s what you need to know about over 300 additional locations to close over 300 additional locations:
See the list of location closures for Rite Aid Aid Pharmacy
What’s next for Rite Aid?
After filing for a second bankruptcy in under two years, Rite Aid continues to proceed with Chapter 11 procedures.
“As we move forward, our key priorities are to ensure uninterrupted pharmacy services for our customers and preserve as many peers as possible,” Schroeder said when Rite Aid announced its bankruptcy filing.
Rite Aid has buyers for customer files in 810 stores, but no buyers for files were found in 200 other locations. The deadline for entering bids for Rite Aid’s pharmacy assets (May 13) has passed, but the deadline for entering bids for the remaining assets of the chain, including Thrifty Ice Cream Business, is June 13, with an auction date set for June 20th.
