SOME Rite Aid stores are being turned into CVS locations across the country in a last-ditch effort to save the business.
In its second bankruptcy in recent years, Rite Aid has transferred prescription files to hundreds of CVS locations, while others are converted outright.
In Oregon, 13 Rite Aid locations will be transformed into CVS ones[/caption]
CVS, one of Rite Aid‘s biggest rivals, had previously agreed to purchase 64 Rite Aid locations in states including Idaho, Oregon and Washington.
A total of 625 prescription files from Rite Aid locations in 15 states were also purchased.
Now, Rite Aid stores are being converted into CVS stores, including 13 in Oregon.
The state was set to lose 40 stores in total before the deal was struck with CVS.
A few of these stores have already converted, and the rest are scheduled for September.
But some conversions are not being taken too well by the local community.
In Ashland, Oregon, a letter from Rite Aid informed residents that it would cease operations on September 22.
Prescriptions with existing customers will then be made available on September 23 when CVS takes over.
The letter said: “We know you have choices when it comes to pharmacies, and we appreciate that you entrusted us with your health.”
But the announcement has caused smaller pharmacies to worry they will soon be bought up.
Chris Hernandez, owner of Ashland Drug, vowed in a statement to remain open despite pressures.
He said: “We’re not going without a fight.
“We’re only one of two pharmacies left at this end of the valley.”
RITE AID CLOSURES
Rite Aid has closed countless stores in recent months as a result of its bankruptcy filing.
CVS closes 900 stores
CVS Health is finishing up its three-year plan to close 900 stores.
CEO Karen Lynch said it has shut down 851 so far, The Associated Press reported in August 2024.
The company announced the plan in November 2021, saying that the closures would lead to a retail presence that ensures it has the “right kinds of stores in the right locations for consumers and for the business,” per CNN.
The shutdowns amount to almost 10% of CVS’s footprint, in response to the shifting of “consumer buying patterns.”
The closures are part of a wider change in strategy of the company’s almost 10,000 locations.
Some stores have been removed to include more health services, such as primary care, and an “enhanced version” of CVS’s HealthHub layout.
“We remain focused on the competitive advantage provided by our presence in thousands of communities across the country, which complements our rapidly expanding digital presence,” Lynch said in 2021.
The shutdowns cost the company approximately $1 billion dollars in the fourth quarter of 2021, according to CNN.
In June, it was reported that the number of Rite Aid locations set to close was nearing 500.
In July, it was then said that 1,000 stores had been lined up for the chopping block.
Chiefs cited long-term “financial challenges” in a press release detailing the closures.
The company faced massive debt problems, as well as increased competition.
The first round saw 47 Rite Aid stores hit in nine states, and the second brought down a further 68 stores across seven states.
Then, a third wave highlighted 151 stores.
An exact timeline for the closures is not yet known.
CVS, one of Rite Aid’s biggest rivals, had previously agreed to purchase 64 Rite Aid locations in states including Idaho, Oregon and Washington[/caption]
