Rite Aid Closes More Stores In Bankruptcy Filing
Pharmacy chain Rite Aid has announced more store closures as part of its bankruptcy filing. The company has steadily increased its store closures since filing for bankruptcy earlier this year. Now, that total has approached 500 locations, with more closures expected as the company moves to sell assets.
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Rite Aid's plan to sell assets during its bankruptcy means it's likely the company doesn't expect to emerge from it. This could result in the permanent closure of all Rite Aid stores, though that's not a guarantee. More details will likely be announced as it continues through the bankruptcy process.
The Rite Aid store closures aren't unexpected. The pharmacy chain has struggled for years, with its latest bankruptcy filing being the second one in as many years. The company's stock was also removed from public markets after its first bankruptcy.
CVS and WBA Will Benefit from Rite Aid's Failure
The Rite Aid bankruptcy is a boon to CVS Health (CVS) and Walgreens (WBA) as its store closures reduce the competition in the pharmacy sector. This should also increase the foot traffic at their stores, potentially increasing sales from consumers who wander their aisles while prescriptions are filled.
CVS and WBA stock have both seen slight gains on Wednesday in light of the Rite Aid store closures announcement.
Turning to the TipRanks stock comparison tool, traders will see which of these two stocks is likely the better investment. CVS appears to be the clear winner of the two with an analysts' consensus Strong Buy rating and a $79.94 price target, representing a potential 24.96% upside.
For comparison, Walgreens stock has a consensus Hold rating and a $12.38 price target, suggesting a possible 9.85% upside for the shares.
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