Pharmacy chain Rite Aid has closed its 89 remaining stores this week. The news comes after the company filed for bankruptcy in May for the second time in the last two years. Some services remain available online, while most brick-and-mortar locations were replaced with other pharmacies.
All physical Rite Aid stores are now closed
The company confirmed the news online: “All Rite Aid stores have now closed. We thank our loyal customers for their many years of support,” it wrote on its website.
All of Rite Aid’s online services were also shut down. Yet, former customers may still request pharmaceutical records or receive help locating another nearby pharmacy in order to fulfill their prescriptions.
Most of Rite Aid’s US stores were sold to other pharmacy chains such as CVS Pharmacy, Walgreens, Albertsons and Kroger. They have collectively claimed over 1,000 locations, according to ABC 7. This means most of Rite Aid’s customers may still find a pharmacy at the same location.
Why did Rite Aid close all of its locations?
The company first filed for bankruptcy in October 2023 due to competition from bigger pharmacy chains and $4 billion debt it had accumulated over legal fees.
In March 2023, the Justice Department filed a complaint against Rite Aid alleging the company violated the False Claims Act and the Controlled Substances Act by unlawfully filing prescriptions for drugs such as oxycodone, fentanyl and benzodiazepine, according to CBS News. The complaint added that the company also ignored internal red flags regarding these prescriptions.
In Sept. 2024, Rite Aid emerged from bankruptcy and slashed $2 billion in debt as it secured $2.5 billion in funds to maintain its operations. At the time, the company closed about 500 locations. Yet, former Walgreens CEO Tim Wentworth said that 25% of stores weren’t profitable last year. In October, Rite Aid closed another 1,200 stores.