A BELOVED pharmacy chain is set for another major closure wave this week bringing the total to over 700 announced in just two months.
The chain has been forced to file for Chapter 11 bankruptcy for the second time in two years, and is feeling the effects now more than ever.
A beloved pharmacy chain is set for another major closure wave this week bringing the total to over 700 announced in just two monthsAFPRite Aid is about to experience its seventh wave of closures, hitting states like California, New York, and Pennsylvania the hardest.
The total number of stores either slated for closure or having already done so has now surpassed the 700 mark.
The closure waves have been hitting since May, beginning on May 5 with 47 locations across nine states in the US.
A second wave on May 9 then took 68 additional spots, followed by 95 on May 16 and a whopping 151 on May 23.
The latest closure announcement lists 118 stores set to be erased, which was announced on Friday.
There is no timeline for when the new 118 stores announced will be closing, as they join the list of the now 839 previously recorded, per Penn Live.
This new total of 957 means that the large majority of Rite Aid‘s 1,240 stores in the US will be permanently closed down soon.
But some communities have already started to share notices of closure dates for their stores.
For example, In Bakersfield, California, one Rite Aid has been given a closure date on July 1, Nexstar’s KGET reports.
Pennsylvania has already seen two dozen closures, and other states have seen at least one closure so far.
These include New Jersey, New York, Oregon, and Virginia.
Matt Schroeder, Rite Aid’s CEO, told CNN: “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.
“As we move forward, our key priorities are ensuring uninterrupted pharmacy services for our customers and preserving jobs for as many associates as possible.”
The US Sun has reached out to Rite for an exact number of closures listed right now, but did not immediately hear back.
BRANDS HARD HIT BY BANKRUPTCIES
Many chains have struggled to adapt to a post-Covid retail landscape, with several companies filing for bankruptcy
JoAnn Fabrics and Crafts announced it would close all 800 stores after filing for bankruptcy twice in a year.
Hooters announced plans to file for Chapter 11 bankruptcy protection in February.
Liberated Brands announced that it would be closing all 122 retail locations for its boardsport fashion brands Quiksilver, Billabong, and Volcom.
Forever 21 shut down its headquarters after filing for bankruptcy and laying off 358 employees.
Macy’s announced major restructuring plans amid mass store closures.
RITE OLD DISASTER
As a result of its severe financial issues, Rite Aid has bene forced to take drastic action.
Rite Aid has agreed to sell its pharmacy assets to some of its biggest competitors, like CVS and Giant Eagle.
CVS has agreed to take on the prescription files of 625 Rite Aid locations.
This will be across 15 states that it already has a presence in.
On top of this, CVS will also acquire and operate 64 Rite Aid stores in Idaho, Oregon and Washington.
Giant Eagle has agreed to buy the prescription files for 11 Rite Aid pharmacies in Pennsylvania and New York.
Walgreens is taking files in nine states, and Albertsons and Kroger have also agreed to take some on.
GettyThe latest closure announcement lists 118 stores set to be erased, which was announced on Friday[/caption] Read More Details
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