'%20x='0'%20y='0'%20height='100%25'%20width='100%25'%20%0A%20%20%20%20%20%20%20%20%20%20xlink%3Ahref='data:image/jpg;base64,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'%3E%3C/image%3E%3C/svg%3E)
The pharmacy chain Rite Aid has decided to shut down 31 more stores after they announced the closure of 150 other stores last month. A press release by the company on Wednesday, November 29, 2023, stated that it has more than 2,300 stores in the country.
However, it has decided to shut down 31 more stores in more than 10 states, making it more than 180 stores that are being closed due to the recent bankruptcy court filing.
The spokesperson for Rite Aid, Catherine Carter, claimed that the pharmacy chain has taken the tough decision to reduce expenses and strengthen the financial performance of the brand.
As many people were fearful of being unemployed, the pharmacy chain brand has taken care of their workforce, as they have given the workers the option to take a transfer to any other location.
All of these stores started shutting down after Rite Aid filed for bankruptcy in October 2023, as its sales crashed substantially. While the brand has been on the market for more than six decades, it has now reported a loss of more than $680 million.
Hence, Rite Aid will now be shutting many of its stores in California, Connecticut, Maryland, Michigan, Pennsylvania, Ohio, Oregon, Nevada, New Jersey, and even New York.
Rite Aid has decided to shut down its “underperforming” locations to reduce expenses
As the pharmacy chain filed for bankruptcy in October 2023, it had already issued a statement about shutting down 150 of its “underperforming” stores. However, the senior management has now decided to shut down more stores located in cities like New York, Washington, Virginia, etc.
With seven of its stores shutting down in California, one store in Connecticut and Maryland, and two in Michigan, Pennsylvania will see the closure of four of its stores, and three stores will be shut down in Ohio. Not just this, Rite Aid is all set to shut down two of its stores in Oregon, one store in Nevada, two stores in New Jersey and New York, four in Virginia, and three in Washington.
Talking about the same, the company issued a statement stating how they wish to “deliver better healthcare products,” as the statement read:
“With the support of our lenders, we look forward to strengthening our financial foundation, advancing our transformation initiatives and accelerating the execution of our turnaround strategy. In doing so, we will be even better able to deliver the healthcare products and services our customers and their families rely on now and in the future.”
The brand also announced that, at the moment, they would be running 2000 stores after both rounds of closures were complete. CNN Business also reported that while the brand is the third-biggest standalone pharmacy chain in the US, many recent legal problems have resulted in the brand’s sales going substantially down.
The brand also had a tough time when it was slammed for filing unlawful and illegal opioid prescriptions for its customers. All in all, the company is set to shut down 180 of its stores in the US. However, it is not clear as to when the closures would start happening, as Rite Aid has not yet commented or revealed the same.
