RITE Aid is set to close 40 more stores in a US state following its second bankruptcy filing, and a rival has swooped in to snag 13 of them.
The struggling pharmacy chain has announced another slew of locations being forced to shut.
Rite Aid has been hit with several closure waves recently, as it struggles to find financial stability.
In Oregon, 40 more Rite Aid locations have either closed or are scheduled to do so.
The dates for the closures vary, with many slated for September and some for later in August.
For example, a store in Aloha is due to shut between August 18 and August 19.
Stores in Grants Pass and Tigard have already closed.
But, according to a representative of CVS, the rival chain has swooped in and taken 13 of the closing 40 Rite Aid spots, per KLCC.
The selected locations will close as Rite Aid stores and open as CVS ones the following day.
CVS is also purchasing the prescription files from 16 Rite Aid locations in Oregon that are closing.
This means that any Rite Aid customer who got their prescriptions at one of the closing locations will now be under CVS instead.
It will happen automatically, and no action is required from the customer.
CLOSURE WAVES
In June, Rite Aid announced it was closing 111 more stores in another drastic move.
This included closures in states like California and New York, which saw 39 each axed.
Stores in Connecticut and Delaware were also hit by this wave.
CVS and Walgreens made sure to get their piece, though, as the former agreed to take on a total of 64 stores across Idaho, Oregon and Washington.
US braces for ‘45,000 store closures’
Some 45,000 bricks-and-mortar stores could close in the next five years, experts have warned.
Several major retailers have announced store closures or gone out of business altogether in recent years.
In 2023, chains such as Foot Locker announced plans to close up to 400 outlets by 2026.
While, other well-known retailers like Tuesday Morning and Mitchell Gold + Bob Williams filed for bankruptcy in 2023.
Bed Bath & Beyond has closed all of its brick-and-mortar stores and is now an online-only retailer.
The most affected retailers have been clothing, consumer electronics, sporting goods, hobby, book, music, and home furnishing stores since the start of 2019.
UBS has predicted the total number of retail stores will drop by 45k from 958k to 913k.
Despite that, the report says that certain stores should thrive while others decline.
It said retailers such as Walmart, Costco, Home Depot, and Target, could be among the winners.
Overall, CVS has agreed to take on the prescription files from 625 Rite Aid stores in 15 states where it already has a presence.
The first round of Rite Aid closures took out 47 stores across nine states.
The second brought 68 more to the chopping block, this time across seven states.
Then a third wave closed 151 Rite Aid stores in the most damaging one yet.
An exact closure timeline for every Rite Aid store selected is yet to be announced.
Rite Aid CEO Matt Schroeder said in a news release: “As we move forward, our key priorities are ensuring uninterrupted pharmacy services for our customers and preserving jobs for as many associates as possible.
“For more than 60 years, Rite Aid has been a proud provider of pharmacy services and products to our loyal customers.
“As we move forward, our key priorities are ensuring uninterrupted pharmacy services for our customers and preserving jobs for as many associates as possible.”
He also continued by thanking the employees and associates of Rite Aid for their years of support.
In Oregon, 40 more Rite Aid locations have either closed or are scheduled to do so[/caption]
