Rite Aid Officially Closes All Stores
Following its second bankruptcy filing, which occurred in May, pharmacy chain Rite Aid has officially shuttered all of its locations.
"All Rite Aid stores have now closed," the company posted on its website. "We thank our loyal customers for their many years of support. Customers are still able to use the website to request immunization and prescription records, as well as to get more information about prescription transferals.
Rite Aid first filed for bankruptcy in 2023 and, in the ensuing months, closed several stores and restructured its organization. The chain emerged from bankruptcy last fall as a private company and tapped Matt Schroeder for the CEO role.
In a May 5 news release, the embattled company confirmed that it had again started voluntary Chapter 11 proceedings to speed a potential sale. In addition, the company reported that it had secured $1.95 billion in new funding from existing lenders to help attract a buyer or buyers. At that time, the company operated 1,250 locations.
Later in May, Rite Aid entered into a series of sales and pharmacy services transition agreements to ensure that its customers received continuous care. Those deals included the rolling transition of pharmacy assets from more than 1,000 Rite Aid locations across the United States to such operators as CVS Pharmacy, Walgreens, Albertsons, Kroger, Giant Eagle and others.
CVS also purchased an undisclosed number of Rite Aid and Bartell Drugs stores in Washington state, Oregon and Idaho.
This article was originally published on P2PI sibling brand, Progressive Grocer.
