Posted on 09/24/2023 7:13:22 AM PDT by Libloather
Pharmacy giant Rite Aid is negotiating terms of a bankruptcy plan that could see a significant number of its more than 2,100 drugstores permanently close, according to a report.
People familiar with the company's talks with creditors told the Wall Street Journal that Rite Aid has proposed to close as many as 500 stores in bankruptcy, and either sell or let creditors take over its remaining operations.
One group of bondholders wants to liquidate a larger number of stores, and there is an ongoing discussion on the number of stores to be closed, the Journal reported.
Given the conversations remain ongoing, no decisions have been made at this time, Rite Aid said in a statement to Reuters.
The Philadelphia-based company operates more than 2,330 stores in 17 U.S. states, although it is much smaller than rivals such as Walgreens Boots Alliance and CVS Health.
The Wall Street Journal previously reported that Rite Aid plans to file for bankruptcy protection as the company faces more than $3.3 billion in debt and over a thousand federal lawsuits over its alleged role in the opioid epidemic.
(Excerpt) Read more at foxbusiness.com ...
Not surprised. When you have a rite aide, cvs and Walgreens each block, something is going to give.
Not if you die.
And lousy employees.
No CVS here in North Idaho, but Rite Aide, Walgreens, Albertsons pharmacy, WalMart pharmacy all within spitting distance of each other. Then, a mile or two down the road, Fred Meyer pharmacy, Safeway pharmacy, and another Walgreens.
There’s no pharmacy desert here.
They closed mine sad me and my pharmacy lady go back 20 years and most of the crew have been around for 15 sad
You’re right about grocery stores as well. They over saturated the needs.
For sure. Of course, customers are an after thought pretty much everywhere.
Don’t forget Wally World although they aren’t on each block
but they do a have a medical section including prescriptions.
The docs can call it in and they will mail it or you can go
pick it up.
I totally forgot about two more within a couple miles of each other in a local grocery chain store called “Super One.”
Yikes, we have a lot to choose from! The market is so over-saturated, I’m surprised there hasn’t been a shake out a lot sooner.
A convenient way to close stores in the high crime areas.
I thought Rite Aids were everywhere. They certainly were back in California. I was surprised to find none in Texas. Their website says they have locations in 17 states. A lot less than I would have guessed.
Has anyone noticed TV ads for drug stores and people with a band-aids on their arms , subliminal message for COVID shot ? LOL
Too bad. I concentrate as much of my buy on RiteAid since they are the only large such store that has not tried to force me to do their job by forcing me to check out my own buys. I refuse to shop at CVS any more for that simple reason.
Want me to do your job? Give me a visible and significant discount at the check out. Refuse to do that? OK, Amazon gets more money.
Both Walgreens and CVS are closing all over the place in Phoenix. My guess is shoplifting, and the Walmarts and Fry’s (Kroger) are better equipped to keep that under control.
You would think pharmacies are one thing immune lractical.y to bankruptcy co sidering how many ill people there are who need meds.
Rite Aid was my favorite, but they closed my local store then the next closest one... So I use Walgreen’s and our large local supermarket chain. Thanks to the silly covid hysteria, hours decreased for stores here... Also massive turnover of employees. Nothing is the same since 2020.
I wish. The Rite Aid in the county seat is the ONLY pharmacy in my rural Ohio county. If it closes, I'll have to drive 23 miles to the next nearest, which is in a dump of a town which I have no other reason to visit. Or drive an hour to the nearest Walmart. At 78 years old and mobility handicapped this is no small thing.
And Sav-On! You could shop and then get an Ice Cream cone!
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