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Yahoo
4 days ago
- Business
- Yahoo
Rite Aid closing stores amid bankruptcy filing. Which locations are closing in Delaware?
As Rite Aid continues with store closures after filing for bankruptcy again, more Delaware locations will shut down. Here's what you need to know. Rite Aid announced on May 5 that it had filed for Chapter 11 bankruptcy for the second time since October of 2023. The initial announcement noted 47 stores slated for closure, followed by a second wave of 68 stores and a third wave of 95 stores on May 16. Just before Memorial Day, a court filing showed that Rite Aid sought to close an additional 151 locations in 10 states. This is the largest batch of combined closures, bringing the total stores impacted to 361, which is more than a quarter of Rite Aid's collection of 1,277 locations, according to Fast Company. ICYMI: Judge rules in lawsuit over Rehoboth Beach's million-dollar city manager contract The following Rite Aid stores in Delaware were selected for closure during the company's last two waves of announcements: 3004 S. Dupont Highway, Camden 41 Greentree Drive, Dover 40 Georgetown Plaza, Georgetown 400 Peoples Plaza, Glasgow 1120 S. Central Ave., Laurel 677 N. Dupont Blvd., Milford 28511 Dupont Blvd., Millsboro 24892 John J. William Highway, Millsboro 399 New London Road, Newark 501 East Basin Road, New Castle 2034 New Castle Ave., New Castle 18898 Rehoboth Mall Blvd., Rehoboth Beach 900 W. Stein Highway, Seaford 38169 Dupont Blvd., Selbyville 66 E Glenwood Ave., Smyrna 200 Pharmacy Drive, Smyrna 4607 Stanton Ogletown Road, Stanton 1718 Marsh Road, Wilmington 3801 N. Market St., Wilmington Keep the kids active this summer: Planet Fitness summer program allows teens to work out for free. How to sign up 17069 S. Dupont Highway, Harrington (closed January 2024) 1602 Capitol Trail, near Newark (closed January 2024) 263 S. Main St., Newark (closed January 2024) 3209 Kirkwood Highway, near Prices Corner (closed November 2023) 2713 Philadelphia Pike, Claymont (closed November 2023) 25 Chestnut Hill Plaza, near Newark (closed October 2023) 1999 Pulaski Highway (Route 40) in Bear (closed before October 2023) Following the bankruptcy announcement, the company said on its website Monday that Rite Aid Rewards points will no longer be issued for qualifying purchases. All accrued points and BonusCash will expire "per standard terms and conditions available at the company said. Rite Aid will no longer honor gift cards or accept any returns or exchanges beginning June 5. Got a tip or a story idea? Contact Krys'tal Griffin at kgriffin@ This article originally appeared on Delaware News Journal: Rite Aid store closures include these Delaware locations
Axios
07-05-2025
- Business
- Axios
Rite Aid stores to close or be sold to new owner in bankruptcy
All Rite Aid stores will close or be sold to a new owner in the coming weeks and months as the struggling retailer goes through its second Chapter 11 bankruptcy filing. Why it matters: The Philadelphia-based drugstore chain is looking to sell both its pharmacy business and its stores, according to bankruptcy protection documents. Rite Aid bankruptcy 2025 The big picture: Rite Aid faced a host of problems following its previous bankruptcy, including inventory shortages as vendors played hardball with the company on trade terms. That "negatively impacted liquidity and prevented the company from replenishing its front-end stock," according to Fitch Ratings analyst Joshua Clark. "The lack of inventory led to decreased sales, particularly in high-margin front-end products, exacerbating liquidity problems." The company has also historically been "significantly burdened by its suboptimal lease portfolio," chief transformation officer Marc Liebman said in a court filing. What we know about Rite Aid closing stores By the numbers: The company has 1,240 stores in 15 states listed on its store locator website Wednesday. California has 347 locations, Pennsylvania has 345 and New York has 178 locations. The retailer has been closing stores for years before its 2023 bankruptcy filing, which it entered with more than 2,100 locations. Zoom in: In a letter to customers, Rite Aid says the "majority of our stores will remain open and operating for the next few months where you can continue to access pharmacy services and products in stores and online, including prescriptions and immunizations." "We are working to facilitate a smooth transfer of customer prescriptions to other pharmacies," the company said. What they're saying: "There have been some rumors about stores closing immediately and going dark, especially in New York. These rumors are not true," Alice Eaton, an attorney with the Cole Schotz law firm, said during a bankruptcy hearing Wednesday. Eaton noted five stores would close this week and said those locations are in: Portland, Oregon; Brooklyn, New York; Peterborough, New Hampshire; Vernon, Pennsylvania; and Cheshire, Connecticut. "We expect Rite Aid is likely facing ongoing challenges similar to its drug retail peers, including rate reimbursement pressure that is constraining pharmacy margins and increased front-end competition from lower-priced competitors in the discount, grocery, and ecommerce space," Fitch's Clar said. Rite Aid gift cards and returns State of play: Rite Aid says it will no longer honor its store gift cards or accept any returns or exchanges starting June 5. The company also has stopped issuing Rite Aid Rewards points on qualifying purchases. It says accrued points and BonusCash will expire per the standard terms and conditions. Is my Rite Aid closing? See the initial closing list An initial closing list in court documents lists 47 closing stores. What's next: More store closings are expected and possible sales of locations. "There are wildcards, such as Amazon, which could at least buy the Seattle native Bartell Drugs subsidiary. But this is a long shot," said Neil Saunders, managing director of GlobalData. "The most likely outcome is that other chains will cherry pick Rite Aid stores," Saunders said. "Some of these are in rural locations where the chain has more of a captive audience. However, this route would not necessitate a wholesale purchase of the brand or its assets."
