Rite Aid has filed for bankruptcy amid billions of dollars in debt, changes in the retail space, and a potentially devastating lawsuit. They are set to close hundreds of stores immediately after this announcement. Fellow retail convenience/drug stores such as CVS and Walgreens are also closing hundreds of stores nationwide, although they have not filed for bankruptcy. Rite Aid was in talks to be acquired by Walgreens, but the nature of the retail space for all drug stores of its type made this deal impossible.
Rite Aid attempted to shift more into the medical care space by offering things like vaccinations and physical exams, to no avail. Despite having $24 billion in sales last year, Rite Aid is still struggling to pay long-term retail debt. Big box stores like Walmart and Target, alongside online retailers like Amazon, are a huge part of the reason why Rite Aid, Walgreens, and CVS may be a thing of the past in the very near future.
SOURCES:
What Rite Aid’s bankruptcy means for local retail pharmacies
Rite Aid is closing more than 150 stores. Here’s where they are.
Rite Aid files for bankruptcy amid opioid lawsuits: What we know
Rite Aid is closing more than 150 stores. Here’s where they are. – CBS News
Rite Aid will close at least six Baltimore-area drugstores as part of bankruptcy
19 Michigan Rite Aid stores to close after bankruptcy filing; 9 in Metro Detroit
Rite Aid Files for Bankruptcy, Undone by Years of Losses – WSJ
Rite Aid Plans to Shut Down Hundreds of Stores in Bankruptcy – WSJ
