Latest news with #RiteAid
Miami Herald
3 days ago
- Business
- Miami Herald
Iconic retail chain winds down its remaining stores in bankruptcy
The U.S. drugstore retail sector is facing a major transformation with huge pharmacy retailers downsizing operations to cut costs and some filing for bankruptcy. America's largest drugstore chains have closed hundreds of store locations over the last four years to reduce labor costs, eliminate above-market leases, plug leakage from theft, and shut down underperforming stores. Some of the nation's smaller pharmacy chains, facing similar financial distress, have been forced to file for bankruptcy protection to restructure debt. Related: Popular pizza and beer chain files for Chapter 11 bankruptcy Giant drugstore chain Rite Aid, however, filed for Chapter 11 bankruptcy for the first time on Oct. 15, 2023, and closed about 800 of its 2,100 stores in a reorganization. The pharmacy chain's surviving entity, New Rite Aid LLC, filed for Chapter 11 protection a second time on May 5, 2025, and began closing all of its stores, estimated at about 1,240 locations at the time. Rite Aid is approaching the end of its existence as it filed its 14th notice of additional store closing locations with the U.S. Bankruptcy Court for the District of New Jersey on July 25, seeking approval to close 17 more stores and liquidate their assets, which adds to previously designated locations for closing in its second bankruptcy, for a total of 1,237 stores. The debtor has not indicated if any additional stores remain to be closed. The retailer already filed its final location closing order on July 10. Rite Aid's 14th additional closing notice consists of store closures in five states, including Washington (11), New York (3), California (1) Oregon (1), and Pennsylvania (1). Objections to the 14th closure notice are due by Aug. 4. Image source: Elconin/Bloomberg via Getty Images California (348)Connecticut (15)Delaware (29)Idaho (7)Maryland (23)Massachusetts (4)New Hampshire (47)New Jersey (61)New York (178)Ohio (4)Oregon (36)Pennsylvania (352Vermont (5)Virginia (26)Washington (102) Rite Aid on July 21 filed its 13th notice of additional store closing locations, seeking to shutter one location in Colonial Heights, Va. Objections to the 13th notice are due by July 31. Rite Aid already filed 14 notices of store closing locations with the original notice and an additional closing notice on May 9, followed by additional closing notices on May 15, May 23, May 30, June 6, June 13, June 20, June 27, July 3, July 11, July 18, and July 21. Related: Beloved beer brand files Chapter 11 bankruptcy The first 14 groups of store closings listed 1,220 locations in 15 states, including Pennsylvania (351), California (347), New York (175), Washington (91), New Jersey (61), New Hampshire (47), Oregon (35) Delaware (29), Virginia (26), Maryland (23), Connecticut (15), Idaho (7), Vermont (5), Massachusetts (4), and Ohio (4). Another major drugstore chain, CVS, in 2021 started its downsizing campaign when it said it would close 900 of its nearly 9,900 stores to reduce costs and cut losses, closing 300 locations each year in 2022, 2023, and 2024. The company extended the downsizing campaign into 2025, revealing in its annual report in February that it would close 271 more stores this year. Walgreens, which operates about 8,600 stores, evaluated 2,000 stores for potential closure and identified 1,200 locations to shutter over the next three years, with 500 set to close in fiscal year 2025. CVS: 1,171 store closings 1,200 store closings Aid: 2,037 store closings 2023-2025. Closing stores wouldn't be enough for several smaller drugstore chains that have opted for Chapter 11 bankruptcy to reorganize their businesses. Eastern Kentucky drugstore chain Rx Discount Pharmacy, with about seven pharmacy and healthcare businesses, on May 1, 2024, filed for Chapter 11 bankruptcy reorganization. CL Cressler Inc., the owner of seven Medicine Shoppe Pharmacy stores located in Pennsylvania and New York, on Aug. 29, 2024, filed for Chapter 11 bankruptcy to reorganize its debts. Finally, in Arkansas, drugstore chain Doctor's Orders Pharmacy on July 21 filed for Chapter 11 bankruptcy, as its parent Whitehall Pharmacy LLC faced a breach of contract lawsuit. Don't miss the move: Subscribe to TheStreet's free daily newsletter The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Fast Company
3 days ago
- Business
- Fast Company
When will my Rite Aid store close? List of pharmacy closure dates amid ongoing prescription transfers
If you've relied on your local Rite Aid pharmacy to fill your prescriptions, you should be aware that nearly all Rite Aid pharmacy locations will be closed by next month. So what happens to your prescriptions? Rite Aid will be transferring them to local third-party pharmacies in your area. Here's where you can find out where Rite Aid pharmacy prescriptions will be transferred to and when most of Rite Aid's remaining pharmacies will be closed. Why are Rite Aid's pharmacies closing? Back in May, the struggling Rite Aid pharmacy chain announced that it had filed for bankruptcy and would cease operations. The chain immediately began winding down its business. As Fast Company previously reported, Rite Aid has announced multiple waves of store closures via court documents dating back to early May. As of June 30, Rite Aid had announced the closures of more than 1,000 locations, nearing the 1,277 number of locations the company said it operated when it originally filed for bankruptcy. While some Rite Aid locations have been acquired by competitors, such as 64 by CVS, most Rite Aid locations will be shuttering for good by the time the company's bankruptcy proceedings wind down later this year. Which Rite Aid pharmacies are still open? Rite Aid has already closed a majority of its stores and pharmacies. According to the company's pharmacy closure list, hundreds of pharmacies have already closed for good. The first pharmacies on the list began shutting their doors on June 2, 2025. But as of today's date (July 28, 2025), the list still shows that more than 150 locations are still open (though over a dozen are expected to permanently shut today). The last store on the list, the Rite Aid Pharmacy at 5627-99 Chestnut Street in Philadelphia, Pennsylvania, is listed to be closed on Friday, August 8. However, it should be noted that this list is apparently just referencing the actual pharmacies that are operating in the closing store locations. The non-pharmacy parts of the Rite Aid locations may remain open for longer. Fast Company reached out to Rite Aid for more information on when final store closures are expected. We will update this post if we hear back. Where do I pick up my Rite Aid pharmacy prescriptions now? If you have regular recurring prescriptions at a soon-to-close Rite Aid pharmacy, Rite Aid says that it has taken steps to have your prescriptions automatically transferred to a third-party pharmacy in your area. To find out where your prescriptions have been or will be transferred to, you can use Rite Aid's Pharmacy Closure and Transfer List. To use the tool, enter the zip code of the Rite Aid pharmacy that previously held your prescriptions. The list will then filter to reveal Rite Aid locations in that zip code. Look for the location that matches your Rite Aid pharmacy's address. After its address, you'll see a column that says 'Last Day of Pharmacy Business.' The date in that column tells you when that Rite Aid pharmacy is closing. The columns after that date will show you the 'New Pharmacy Name' of where your prescriptions are being transferred to (a local Walgreens, for example) and the new pharmacy's address and phone number. It may be a good idea to call ahead to the new pharmacy to confirm that they have received your prescription transfer before visiting. You may also be able to work with your new pharmacy and/or doctor's office to have your prescriptions sent to a different pharmacy of your choosing.
New York Post
24-07-2025
- Business
- New York Post
Rite Aid closing 114 more stores across multiple states
Rite Aid, which filed for bankruptcy protection twice in less than two years, is shuttering dozens of additional stores from its existing portfolio. A bankruptcy court in New Jersey approved an order earlier this month allowing Rite Aid to move forward with plans to close 114 additional stores and sell its assets as part of its second bankruptcy proceedings. The closures are taking place in Pennsylvania, California, New York, Washington, New Jersey, Maryland, Vermont, Connecticut, Delaware, New Hampshire, Idaho and Ohio, according to a filing with the United States Bankruptcy Court for the District of New Jersey. However, the majority of the closures are concentrated in Pennsylvania. Rite Aid announced Chapter 11 proceedings in May, only eight months after exiting its first bankruptcy protection. The pharmacy chain was driven to file for protection in 2023 due to mounting debt and sluggish sales from heightened competition coupled with hundreds of lawsuits connected to its role in the opioid crisis. Rite Aid quickly initiated a store optimization plan that involved immediately closing 154 of its 2,284 stores. Over the course of the restructuring, Rite Aid closed hundreds of additional stores, leaving it with a footprint of about 1,245 locations by the time of its subsequent bankruptcy filing. 3 Rite Aid is closing an additional 114 stores across multiple states after filing for bankruptcy protection for the second time in less than two years. REUTERS Its first restructuring reduced the U.S. pharmacy chain's debt, although it still had $2.5 billion in liabilities when it emerged as a private company owned by its lenders in 2024. The company also failed to address its long-term business challenges of inflationary pressures and increased competition by pharmacy chains Walgreens, CVS, Walmart and Amazon. FOX Business reached out to Rite Aid for comment. 3 The majority of Rite Aid stores closing are taking place in Pennsylvania. REUTERS George Hill, managing director and senior equity research analyst at Deutsche Bank, previously told FOX Business that the closures across the entire industry in recent years haven't surprised industry experts, who anticipate more shutdowns as the industry adjusts and rightsizes itself. Hill said that the 'industry seemed to be growing footprints and locations kind of faster than the need for pharmacies was growing.' If compounded with 'company-specific mistakes that have been made as it relates to how they spend money and how they spend cash and how they grow and how they build, it leads companies to the position that CVS and Walgreens and Rite Aid are in,' he added. 3 The move comes after the company announced Chapter 11 bankruptcy proceedings in May. Michael Nagle Here is the number of Rite Aid stores closing per state: Pennsylvania – 42 California – 27 New York – 13 New Jersey – 11 Maryland – 2 Washington – 7 Delaware – 3 Connecticut – 2 Vermont – 2 New Hampshire – 1 Idaho – 1 Ohio – 1
Daily Mail
22-07-2025
- Business
- Daily Mail
Beloved retail giant closing even more locations after filing for bankruptcy
Rite Aid is getting ready to shutter even more stores than originally planned. The 63-year-old pharmaceutical chain is preparing to close another 17 locations in six states this year. Each was named in Rite Aid's 12th notice of additional store closings, which they filed on July 18 in New Jersey. Washington state has the highest number of closures on the notice at 10, while New York and Oregon both have two. Maryland, New Hampshire and Ohio each have one. With these locations, Rite Aid will have closed around 1,219 stores since its second bankruptcy filing. It recently marked its 1000th shutter milestone, and 26 stores will begin operating under different retailer names tomorrow, according to the chain's closure and transfer list. As of now, there are only 708 stores operating across 15 states, a number which is expected to shrink later this year. It's also become a major threat to Thrifty Ice Cream, a popular ice cream chain on the West Coast that operates in 500 Rite Aids that are slated to close. Rite Aid quickly became one of the nation's most popular pharmaceutical chains after opening its first store in Pennsylvania in 1962. At its peak in 2008, the chain was operating over 5,000 locations, making it the third-largest pharmacy in the US. The chain had been struggling for quite some time before it was forced to file for bankruptcy in 2023. By that time, the chain was operating 2,100 stores, and planning to close hundreds after receiving $3.45 billion in new financing to create a restructuring plan. The plan was initially successful after slashing $2 billion in debt and securing $2.5 billion in exit financing. However, its restructuring efforts slowly crumbled, and by April of this year, Rite Aid was plotting its second bankruptcy. The company has initiated multiple mass closures since its most recent filing, and is on the brink of disappearing for good. Other retailers like Walgreens and CVS have been snapping up Rite Aid locations and pharmacies, but they too have been facing financial crisis. CVS got away with the most Rite Aid pharmacies after acquiring 625 across 15 states, along with 64 stores in Idaho, Oregon and Washington. However, it's also planning to shutter 270 of over 9,000 locations across the US this year as part of a years-long strategy to right-size the number of pharmacy locations. All 23 CVS locations in Arkansas are also at risk of closing following a new law, which bans Pharmacy Benefit Managers (PBMs) from owning or operating pharmacies. The law, which will take effect in 2026, is similar to a House Bill that passed in Louisiana, which could potentially force CVS out of the state. The retailer sent a massive warning via text to customers, who were confused and panicked about the situation. Walgreens also snapped up some Rite Aid locations before finalizing a nearly $10 billion acquisition deal with Sycamore Partners. Because of this deal, the company will go private before the end of the year. Other chains that scooped up Rite Aid's pharmacy services include Albertsons and Kroger.
Miami Herald
21-07-2025
- Business
- Miami Herald
Popular bankrupt home goods chain cancels store closings
The retail sector has suffered through economic distress over the last three years as a combination of financial issues derailed many retailers' business plans. Rising inflation has driven up costs of everything from employee salaries to products on retailers' shelves. Over the last three years, increased interest rates have spiked the costs of retail companies' debt obligations. Don't miss the move: Subscribe to TheStreet's free daily newsletter Retail chains also face lease obligations that may no longer make economic sense as consumers continue to shift their buying habits from brick-and-mortar shopping to online purchases. Related: Bankrupt popular drugstore chain closes last remaining stores National drugstore chain Rite Aid, which filed for Chapter 11 bankruptcy a second time on May 5, 2025, is entering the final months of its existence, as each week, the bankrupt retailer files store closing notices with the bankruptcy court, designating locations for closure. Several other iconic retail chains have also filed for bankruptcy over the last two years, closing hundreds of stores and, in some cases, going out of business, including Forever 21, Joann, Big Lots, and Party City. Popular bankrupt home goods retail chain At Home Group Inc. filed for Chapter 11 protection on June 16, with a restructuring support agreement that will eliminate $1.62 billion in debt and hand ownership to its prepetition lenders. The home decor retailer filed its petition listing $1 billion to $10 billion in assets and liabilities, which include $1.998 billion in noteholder debt, consisting of $1.94 billion in secured note debt and $58 million in senior unsecured notes. The debtor's largest unsecured creditors include US Bank NA, owed $58 million; Brentwood Originals, owed about $5.8 million; and Yotrio Corp, owed $3.8 million. At Home faced financial and operational headwinds in recent years that included increased freight rates driven by rising inflation, softening demand in the home decor market, and a consumer shift away from brick-and-mortar shopping with an increased focus on online purchases, according to a declaration from Chief Financial Officer Jeremy Aguilar. The company, founded in 1979 as Garden Ridge Pottery, began out-of-court restructuring efforts in early 2025 at a time when tariffs began rising for its many foreign suppliers. After considering strategic alternatives, the company negotiated a restructuring support agreement with its prepetition lenders before filing for bankruptcy and seeking a $600 million debtor-in-possession financing transaction, which includes $200 million in new money. Under its plan, the company said it would close 26 underperforming store locations across the country as part of its reorganization. And now, At Home has cancelled plans to close two store locations that were originally on its list of 26 initial closing stores when it filed for Chapter 11 bankruptcy. Related: National fashion retailer files Chapter 11 bankruptcy, still open (for now) At Home filed a notice of removal of closing stores from the store closing list on July 15, declaring that it was removing its stores in Princeton, N.J., and Wauwatosa, Wis., from the list and ceasing store closing sales at those locations. More bankruptcy Major iconic food brand files for Chapter 11 bankruptcyPopular Dairy Queen rival franchisee files Chapter 11 bankruptcyPopular vision care chain files for Chapter 11 bankruptcy The debtor did not indicate reasons for cancelling the store-closing sales. The home goods retailer had included the stores on its list of 26 stores to close, or 10% of its 260 locations in 40 states, during its bankruptcy case. The retailer had already closed six stores in the 12 months preceding its bankruptcy filing, according to the debtor's motion to conduct store closing sales. The company employed about 7,170 employees when it filed for bankruptcy protection. The 24 stores designated for closing in its bankruptcy are located in California (8), Illinois (2), Massachusetts (2), New Jersey, (2), New York (2), Virginia (2), Washington (2), Florida (1), Minnesota (1), Montana (1), and Pennsylvania (1). The company expects to complete the store closings by Sept. 30, 2025. Related: Home Depot rival files Chapter 11 bankruptcy in distress The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
