Rite Aid is going through its biggest blow yet as the seventh wave of store closures rolls in, pushing the total number of shutdowns to over 700 across the U.S.
The beloved pharmacy chain, which filed for Chapter 11 bankruptcy for the second time in just two years, is crumbling under financial pressure. The latest wave includes 118 more stores, following a brutal series of closures that started in early May.
The shutdown spree began on May 5 with 47 stores in nine states, followed by 68 closures on May 9, 95 on May 16, and a crushing 151 locations axed on May 23. Just last Friday, another 118 were added to the list, though no official timeline was given for when these new stores will shut their doors.
In total, 957 Rite Aid locations are either already closed or announced to close soon, out of the company’s roughly 1,240 stores in the U.S. That means the majority of its locations will soon vanish from neighborhoods, especially in California, Pennsylvania, and New York, which are being hit the hardest. In Bakersfield, California, for example, one Rite Aid store is set to close on July 1, according to local reports from KGET.
Pennsylvania has already lost over two dozen stores, and closures have reached other states like New Jersey, Virginia, and Oregon.
Amid the chaos, Rite Aid’s CEO Matt Schroeder told CNN that the company is trying to stay afloat by selling off pharmacy assets and is in talks with national and regional buyers. “While we have continued to face financial challenges, intensified by the rapidly evolving retail and healthcare landscapes in which we operate, we are encouraged by meaningful interest from a number of potential acquirers,” he said.
Schroeder emphasized that the top priorities now are “ensuring uninterrupted pharmacy services for our customers and preserving jobs for as many associates as possible.”
As part of the bankruptcy strategy, Rite Aid has made deals with competitors to absorb some of its assets. CVS has taken over the prescription files from 625 Rite Aid stores across 15 states. On top of that, CVS is also set to acquire and operate 64 full Rite Aid locations in Idaho, Oregon, and Washington.
The collapse of Rite Aid mirrors a growing trend in post-pandemic retail. A number of big-name chains are suffering. JoAnn Fabrics and Crafts recently announced it would shutter all 800 stores after two bankruptcies in one year. Hooters is also filing for Chapter 11 protection, and Liberated Brands is closing all 122 stores for Quiksilver, Billabong, and Volcom. Meanwhile, Forever 21 shut down its headquarters, and Macy’s is scaling down with mass store closures as part of its restructuring.
This is no longer just a financial problem for Rite Aid, it’s a seismic shift in the retail pharmacy landscape. Communities that relied on these stores for everyday prescriptions and essentials are now left scrambling. And with nearly 1,000 closures looming, it’s clear the end of an era is fast approaching for the once-ubiquitous chain.
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