A BANKRUPT pharmacy chain has entered its seventh round of store closures, with 20 more now set to be axed.
The chain has been thrown into complete turmoil, and has been forced to slowly shed over hundreds of stores from its footprint.
A bankrupt pharmacy chain has entered its seventh round of store closures, with 20 more now set to be axed[/caption]
The USB Sun has been reporting on the steady onslaught of Rite Aid closure waves.
Earlier this month, Rite Aid axed an additional 360 sites, bringing the total number lost in this second bankruptcy to 361, per The US Sun.
The closure was set for June 4, coming weeks after a series of waves in the month of May.
On May 5, 47 locations across nine states were marked for shut down as part of Rite Aid‘s bankruptcy filing.
The second wave was announced just four days later on May 9, with 68 stores across seven states in the US.
Then, a third wave on May 16 was revealed, taking down a further 95 more stores.
May 23 was the most damaging wave of them all, as 151 locations were added to the growing list.
On top of this, Rite Aid has revealed its plan to sell the assets and prescription files of over 1,000 US stores to competitors like CVS.
This would see countless patients having to go to another pharmacy to collect their prescriptions from now on.
NEW WAVE
A new wave of closures has now been announced, impacting states like Pennsylvania, Delaware and Ohio.
In Delaware, 20 locations are set to close down, although an exact timeline has not been given.
This new wave brought two more to the 20 total, which was 18 before this announcement.
Nearly a dozen states have been targeted in this latest wave.
It is not known when this will end for Rite Aid, as it continues to suffer from industry pressures.
Rite Aids cloising in Delaware
- 3004 S. Dupont Highway, Camden
- 41 Greentree Drive, Dover
- 40 Georgetown Plaza, Georgetown
- 400 Peoples Plaza, Glasgow
- 1120 S. Central Ave., Laurel
- 455 W. Main Street, Middletown
- 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
- 636 S. Maryland Avenue, Wilmington
A change in consumer habits and rising competition have been some of the main factors behind the fall of Rite Aid.
Reduced reimbursement rates for prescription drugs and increased costs are among some of the other reasons.
Rite Aid managed to emerge from its first bankruptcy in September 2024 after facing similar challernges.
The chain was able to secure $3.45 billion in new financing to support its reorganization.
Rite Aid came out as a private company, but was forced to file again in May.
Rite Aid is looking for a way out of the mess, and a search for a buyer is ongoing.
CEO Matt Schroeder said: “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 national and regional strategic acquirers.
“As we move forward, our key priorities are ensuring uninterrupted pharmacy services for our customers and preserving jobs for as many associates as possible.”
In Delaware, 20 locations are set to close down, although an exact timeline has not been given[/caption]
