Rite Aid files for bankruptcy 8 months after exiting Chapter 11
This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter.
Dive Brief:
Rite Aid filed for bankruptcy on Monday, with plans to sell itself, and has already had 'meaningful interest' from potential national and regional strategic buyers. Stores will remain open and operating, but plans are to liquidate all locations unless a buyer comes forward, according to court documents.
The drugstore retailer has secured commitments from some existing lenders to access $1.94 billion in new financing. That plus cash from operations is expected to be sufficient funding during the sale and court-supervised Chapter 11 process.
A sale is imminent, with an auction set for May 14 for the pharmacy assets and June 20 for other assets, per court documents. The company just exited a previous bankruptcy in September, after filing less than two years ago, emerging as a private business with about $2 billion less debt plus some $2.5 billion in exit financing.
Dive Insight:
Rite Aid said it never really had a chance to right itself following its 2023 bankruptcy, saying many vendors failed to live up to agreements to ease their terms. Moreover, the company faced unforeseen liquidity issues when, instead of the $166 million it expected, it could only – months later – secure $66.75 million, per court filings.
The empty shelves meant fewer impulse purchases and lower front-of-store sales, and the strained finances meant the retailer struggled to replenish assortments.
'In other words, the Company became trapped in a vicious cycle, where tightening liquidity led to empty store shelves, and vice versa,' Marc Liebman, managing director at Alvarez &Marsal North America who is serving as Rite Aid's chief transformation officer, wrote to the court on Tuesday.
At its 2023 filing, Rite Aid operated more than 2,100 stores in 17 states and employed more than 6,100 pharmacists and 45,000 total employees. During that bankruptcy, it sold or wound down about 800 underperforming stores. Since exiting that process, Rite Aid has closed another 29 underperforming locations. The company has now entered into purchase agreements of prescription files at 60 stores, and plans 50 closures without prescription sales. Finally, there are 275 stores 'that have or will have asset purchase agreements for regional transactions in process,' per court documents.
At this point, Rite Aid operates 1,277 stores and three distribution centers in 15 states and employs about 24,500 people.
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SALISBURY MD 21804 New Hampshire June 13 filing: 48 Atwood Road, Pelham, NH 03076 142 Main Street, Salem, NH 03079 53 Church Street, Kingston, NH 03848 829 NH Route 11, Farmington, NH 03835 341 High Street, Somersworth, NH 03878 800 Islington Street Unit 1, Portsmouth, NH 03801 1390 Lafayette Road Unit A, Portsmouth, NH 03801 46 Allenstown Road, Allenstown, NH 03275 86 Elm Street, Milford, NH 03055 73 Pleasant St Ste 1, Claremont, NH 03743 1631 Elm Street, Manchester, NH 03101 June 6 filing: 122 MCGREGOR STREET STE 4 MANCHESTER NH 3102 71 LOWELL ROAD HUDSON NH 3051 165 NORTH STATE STREET CONCORD NH 3301 331 MAIN STREET NASHUA NH 3060 270 MAMMOTH ROAD MANCHESTER NH 3109 288 UNION AVENUE LACONIA NH 3246 1285 HOOKSETT ROAD HOOKSETT NH 3106 92 SOUTH STREET CONCORD NH 3301 52 ROCKINGHAM ROAD DERRY NH 3038 20 CRYSTAL AVENUE DERRY NH 3038 123 NASHUA ROAD LONDONDERRY NH 3053 3 FREETOWN ROAD RAYMOND NH 3077 New Jersey June 13 filing: 10 Portland Avenue, Bergenfield, NJ 07621 236 South Delsea Drive, Clayton, NJ 08312 31 Mule Road, Toms River, NJ 08755 132 North Gaston Avenue, Somerville, NJ 08876 June 6 217 SUNSET ROAD WILLINGBORO NJ 8046 265 PASCACK ROAD WASHINGTON TOWNSHIP NJ 7676 664 HADDON AVENUE COLLINGSWOOD NJ 8108 RICHFIELD SHOPPING CENTER CLIFTON NJ 7012 1889 SOUTH LINCOLN AVENUE VINELAND NJ 8361 811 FISCHER BOULEVARD TOMS RIVER NJ 8753 907 NORTH HIGH STREET MILLVILLE NJ 8332 375 WHITE HORSE PIKE ATCO NJ 8004 501 CLEMENTS BRIDGE ROAD BARRINGTON NJ 8007 490 HURFVILLE-CROSS KEYS SEWELL NJ 8080 1492 CHEWS LANDING ROAD LAUREL SPRINGS NJ 8021 1000 KINGS HIGHWAY WEST DEPTFORD NJ 8086 981 WEST SIDE AVENUE JERSEY CITY NJ 7306 480 ROUTE 9 SOUTH LITTLE EGG HARBOR NJ 8087 New York June 13 filing: 265 North Union Street, Olean, NY 14760 803 Montauk Hwy Unit D, Shirley, NY 11967 1166 Central Avenue, Dunkirk, NY 14048 1701 Route 9, Clifton Park, NY 12065 783 Manhattan Avenue, Brooklyn, NY 11222 8015 Niagara Falls Boulevard, Niagara Falls, NY 14304 190 Main Street, East Aurora, NY 14052 2865 Elmwood Avenue, Kenmore, NY 14217 600 North Wellwood Avenue, Lindenhurst, NY 11757 601 E. Main Street, Batavia, NY 14020 172 North Main Street, Gloversville, NY 12078 2545 Millersport Highway, Getzville, NY 14068 3924 Harlem Road, Amherst, NY 14226 133 Route 303, Valley Cottage, NY 10989 210 Post Avenue, Westbury, NY 11590 124 Ridge Street, Glens Falls, NY 12801 138 Elm Street, Penn Yan, NY 14527 2144 Grand Central Avenue, Horseheads, NY 14845 657 Broadway, Newburgh, NY 12550 21B Knolls Crescent, Bronx, NY 10463 532A Union Blvd., West Islip, NY 11795 83 Vandenburgh Ave, Troy, NY 12180 245-14 Francis Lewis Blvd, Rosedale, NY 11422 238 Hooker Avenue, Poughkeepsie, NY 12603 June 6 filing: 1 CRUM ELBOW ROAD HYDE PARK NY 12538 3050 UNION ROAD ORCHARD PARK NY 14127 2561 UNION ROAD CHEEKTOWAGA NY 14227 229 INDEPENDENCE PLAZA SELDEN NY 11784 1640 HOPKINS ROAD WILLIAMSVILLE NY 14221 DEL-TON PLAZA TONAWANDA NY 14150 485 BROADWAY KINGSTON NY 12401 50 SOUTH MAIN STREET JAMESTOWN NY 14701 3027 ROUTE 50 SARATOGA SPRINGS NY 12866 2064 MILL AVENUE BROOKLYN NY 11234 1792 NORTH GOODMAN STREET ROCHESTER NY 14609 3071-3085 SOUTH PARK AVENUE LACKAWANNA NY 14218 4155 WEST MAIN STREET BATAVIA NY 14020 4046 BROADWAY NEW YORK NY 10032 864 MIDDLE COUNTRY ROAD MIDDLE ISLAND NY 11953 130 WASHBURN STREET LOCKPORT NY 14094 125 SOUTH TRANSIT STREET LOCKPORT NY 14094 1067 STATE ROUTE 222 CORTLAND NY 13045 420 HAMILTON STREET GENEVA NY 14456 170 EASTERN BLVD. CANANDAIGUA NY 14424 101 SOUTH MAIN STREET NEWARK NY 14513 Ohio 735 North Water Street, Uhrichsville, OH 44683 Oregon 16390 BOONES FERRY ROAD LAKE OSWEGO OR 97035 1235 WAVERLY DRIVE SE ALBANY OR 97322 636 N MAIN STREET PHOENIX OR 97535 5452 RIVER ROAD NORTH KEIZER OR 97303 11930 SE DIVISION STREET PORTLAND OR 97266 11190 SW BARNES RD. PORTLAND OR 97225 8235 SW WILSONVILLE ROAD WILSONVILLE OR 97070 5431 SW BEAVERTON HILLSDALE PORTLAND OR 97221 Pennsylvania June 13 filing: 2182 County Line Road, Huntingdon Valley, PA 19006 3120 Chichester Avenue, Boothwyn, PA 19061 340 East High Street, Pottstown, PA 19464 1856 North Broad Street, Lansdale, PA 19446 2604 Linglestown Road, Harrisburg, PA 17110 575 Morgantown Road, Uniontown, PA 15401 1535 West Chester Pike, West Chester, PA 19382 3205 Cape Horn Road, Red Lion, PA 17356 1650 Main Street, Olyphant, PA 18447 337 West Chocolate Avenue, Hershey, PA 17033 500 Chesterbrook Blvd Ste 2, Chesterbrook, PA 19087 685 North Main Street, Greensburg, PA 15601 102 Easton Road, Nazareth, PA 18064 1249 Horseshoe Pike, Downingtown, PA 19335 1050 Northern Blvd, Clarks Summit, PA 18411 6515 Castor Avenue, Philadelphia, PA 19149 20 South River Street, Plains, PA 18705 1000 North Church Street, Hazleton, PA 18201 1137 Market Street, Lemoyne, PA 17043 June 6 filing: 163 WEST 26TH STREET ERIE PA 16508 7401 OGONTZ AVENUE PHILADELPHIA PA 19138 320 YORK ROAD CARLISLE PA 17013 3300 EAST MARKET STREET YORK PA 17402 415 SOUTH 9TH STREET LEBANON PA 17042 120 COUNTRY SIDE PLAZA MOUNT PLEASANT PA 15666 155 EAST NORTHAMPTON STREET WILKES-BARRE PA 18701 2017-2023 SOUTH BROAD ST. PHILADELPHIA PA 19148 1550 COLUMBIA AVENUE LANCASTER PA 17603 1121 BOWER HILL ROAD PITTSBURGH PA 15243 640 MONTGOMERY AVENUE NARBERTH PA 19072 524 NORTH 6TH STREET READING PA 19601 102 NORTH MAIN STREET PITTSTON PA 18640 600 LINCOLN HIGHWAY FAIRLESS HILLS PA 19030 556 UNION STREET LUZERNE PA 18709 9200 FRANKFORD AVENUE PHILADELPHIA PA 19114 103 WEST ALLEGHENY ROAD IMPERIAL PA 15126 1759 GOUCHER STREET JOHNSTOWN PA 15905 1001 JEFFERSON AVENUE WASHINGTON PA 15301 4135 NORTH GEORGE STREET, EXT. MANCHESTER PA 17345 4630 PERKIOMEN AVENUE READING PA 19606 12311 ACADEMY ROAD PHILADELPHIA PA 19154 314 EAST PITTSBURGH STREET GREENSBURG PA 15601 6363 FRANKFORD AVENUE PHILADELPHIA PA 19135 670 PHILADELPHIA AVENUE READING PA 19607 10 CLAY PIKE NORTH HUNTINGDON PA 15642 639 HAMLIN HIGHWAY LAKE ARIEL PA 18436 375 PHILADELPHIA STREET INDIANA PA 15701 1396 WEST CHESTNUT ST. WASHINGTON PA 15301 910 WEST BROADWAY RED LION PA 17356 1080 S WASHINGTON AVENUE SCRANTON PA 18505 300 S. FAYETTE STREET SHIPPENSBURG PA 17257 500 NORTH MAIN AVENUE SCRANTON PA 18504 4299 UNION DEPOSIT ROAD HARRISBURG PA 17111 1804 GOLDEN MILE HIGHWAY PITTSBURGH PA 15239 452 POND STREET BRISTOL PA 19007 Virginia June 13 filing: The Crossings, Hopewell, VA 23860 June 6 filing: 5795 PRINCESS ANNE ROAD VIRGINIA BEACH VA 23462 101 GAINSBOROUGH SQUARE CHESAPEAKE VA 23320 5500 GEORGE WASHINGTON HIGHWAY GRAFTON VA 23692 3600 TIDEWATER DRIVE NORFOLK VA 23509 1373 N GREAT NECK ROAD VIRGINIA BEACH VA 23454 6150 COLLEGE DRIVE SUFFOLK VA 23435 1177 SOUTH ROSEMONT ROAD VIRGINIA BEACH VA 23453 5232 FAIRFIELD SHOPPING CENTER VIRGINIA BEACH VA 23464 Washington June 13 filing: 6939 Coal Creek Pkwy SE, Newcastle, WA 98059 20518 108th Ave., SE, Kent, WA 98031 27055 Pacific Hwy S, Des Moines, WA 98198 4776 Whitman Lane, S.E., Lacey, WA 98513 June 6 filing: 305 COOPER POINT ROAD NW OLYMPIA WA 98502 11700 MUKILTEO SPEEDWAY # 500 MUKILTEO WA 98275 2222 32ND AVE W SEATTLE WA 98199 4514 SOUTH REGAL STREET SPOKANE WA 99223 19475 7TH AVENUE, NE POULSBO WA 98370 21302 STATE ROUTE 410 EAST BONNEY LAKE WA 98391 1901 NORTH STEPTOE STREET KENNEWICK WA 99336 419 NE 71ST ST SEATTLE WA 98115 1065 N.W. GILMAN BLVD. ISSAQUAH WA 98027 11020 19TH AVE SE EVERETT WA 98208 364 TRIANGLE SHOPPING CENTER LONGVIEW WA 98632 12811 MERIDIAN STREET EAST PUYALLUP WA 98373 17220 REDMOND WAY NORTHEAST REDMOND WA 98052 3227 NORTHWEST AVENUE BELLINGHAM WA 98225 3601 6TH AVE TACOMA WA 98406 1329 LEE BOULEVARD RICHLAND WA 99352 12420 NORTH DIVISION STREET SPOKANE WA 99218 Where is the full list of past Rite Aid closures? Rite Aid has now disclosed the closure of more than 800 stores across eight waves since the beginning of May. Between May 5 and May 30, Rite Aid announced the closure of 472 locations across five waves. In June, Rite Aid has so far announced an additional three waves of closures. This means that with June's latest closures, Rite Aid has now confirmed the closure of 829 stores since May: May 5: 47 initial locations May 9: 68 additional locations May 16: 95 additional locations May 23: 151 additional locations May 30: 111 additional locations June 5: 25 additional locations June 6: 207 additional locations (listed above) June 13: 125 additional locations (listed above) How many more Rite Aid stores will close? When Rite Aid filed for bankruptcy in May, the chain had around 1,277 pharmacies in operation. The majority of those pharmacies are expected to close. Indeed, with June's latest rounds of closings, Rite Aid has now announced the closure of 829 stores—approximately 64% of its locations. However, some locations have gotten a reprieve. As Fast Company previously reported, competitor CVS agreed in May to take over 64 physical Rite Aid locations. As for the remaining locations, they will all either close or be sold to another company by the time the process is finished, as Rite Aid is winding down its operations. Companies looking to bid on its remaining assets have until Wednesday to do so. An auction will be held on June 24 if one is needed. Fast Company reached out to Rite Aid to ask about the timeline of its store closures and whether it has heard from any unannounced bidders. We'll update this post if we hear back. What happens to people's prescriptions? The closure of Rite Aid doesn't just represent a challenge for the company's creditors and employees. It could also leave many of its customers scrambling to find new pharmacies to fill their prescriptions. However, some of Rite Aid's competitors have announced they will be buying most of Rite Aid's prescription files. These pharmacy chains include CVS, Walgreens, and the Albertsons and Kroger grocery chains.
