Rite Aid’s ‘comeback story’ cut short as pharmacy chain files for bankruptcy again
After closing hundreds of stores and facing ongoing challenges, Rite Aid looks for a buyer while preparing to sell its remaining inventory and essential assets.
Scripps News
Rite Aid has announced more store closures after filing for bankruptcy a second time in as many years.
The drug store announced it had filed for Chapter 11 bankruptcy again on May 5, the second time since October 2023, and said it would close over 100 stores. Now, bankruptcy filings have shown that the chain intends to close an additional 316 of the roughly 1,200 still-operating locations.
On May 15, Rite Aid said it “successfully entered into a series of sale agreements and pharmacy services transition agreements,” which would include transitioning pharmacy assets from locations across the U.S. to CVS Pharmacy, Walgreens, Albertsons, Kroger, Giant Eagle and other operators. Rite Aid and Bartell Drugs stores in some states will also be operated by CVS Pharmacy as part of the sale agreements.
Here’s what to know about the more than 300 additional locations Rite Aid plans to close.
See list of Rite Aid pharmacy locations closing
What’s next for Rite Aid?
After filing for bankruptcy for the second time in less than two years, Rite Aid continues to move through Chapter 11 proceedings.
“As we move forward, our key priorities are ensuring uninterrupted pharmacy services for our customers and preserving jobs for as many associates as possible,” Schroeder said when Rite Aid announced the bankruptcy filing.
Rite Aid has buyers for customer files at 810 of its stores, but did not find a buyer for files at 200 other locations, according to Reuters. While the deadline to enter bids for Rite Aid’s pharmacy assets (May 13) has passed, the deadline to enter bids for the chain’s remaining assets, including the Thrifty Ice Cream business, is June 13, with an auction date set for June 20.
