Site icon Global News HQ

Rite Aid store closures June update: See the latest list of 118 doomed locations across 11 states

Maddy
Rite Aid store closures June update: See the latest list of 118 doomed locations across 11 states



Rite Aid, whose pharmacies were once ubiquitous across large parts of America, has announced another wave of store closures.

This time, the closures encompass more than 100 locations across 11 states. However, they are just the latest wave of Rite Aid store closures that follow the company’s second bankruptcy filing earlier this year. Here’s what you need to know about the latest Rite Aid closures.

Why is Rite Aid closing stores?

Rite Aid is going out of business. The struggling pharmacy chain filed for bankruptcy in May. But that bankruptcy isn’t its first. The company had previously filed for bankruptcy in 2023. Rite Aid had hoped that its 2023 bankruptcy would be able to give it some financial breathing room, after which the company could turn itself around.

Things did not work out as Rite Aid had intended. Even after the 2023 bankruptcy, Rite Aid struggled with “inventory challenges” and “strained vendor relations,” as Fast Company previously reported.

However, while some of its problems were unique to the chain, Rite Aid also faced many issues that are increasingly common to all drugstore chains. Those problems include diminished foot traffic from changing consumer behaviors as people increasingly turn to e-commerce giants like Amazon to meet their pharmacy needs and purchase everyday household items.

Like many other retailers, Rite Aid is also struggling with a decrease in consumer confidence. Inflationary pressures and uncertainty about the economy are weighing heavily on people’s minds, leading them to be more cautious about how and where they spend their money.

Which Rite Aid stores are the latest to close in June?

Rite Aid has now announced the next wave of location closures. These locations were revealed in court documents Rite Aid filed on June 20. In total, Rite Aid said 118 locations will be closing in this round. 

Some of the hardest hit states in this round of closures include California, Pennsylvania, and New York. The stores closing in this round include:

Where is the full list of past Rite Aid closures?

With this latest round of June closures, Rite Aid has now announced the closure of 947 stores since May. Here’s the full list of earlier closing notices:

Fast Company has reached out to Rite Aid to ask about the timeline of the closures. We’ll update this post if we hear back.

How many more Rite Aid stores will close?

When Rite Aid filed for bankruptcy in May, the company said it had 1,277 stores in operation. Most of the stores will be closed entirely, with some others being sold to competitors. In May, competitor CVS Pharmacy agreed to take over 64 Rite Aid stores.

With 947 stores confirmed to be closing, Rite Aid has now announced that it will shutter nearly 74% of the stores it operated when it filed for bankruptcy. A court-approved auction is planned for today to sell off Rite Aid’s remaining assets.



Source link

Exit mobile version