Rite Aid closes all remaining stores after filing bankruptcy twice
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Pharmacy chain Rite Aid closed all of its locations after filing for bankruptcy twice in less than two years.
The retailer posted a brief announcement on its website.
“All Rite Aid stores have now closed,” the site states. “We thank our loyal customers for their many years of support.”
The website offers former customers their pharmacy and immunization history, as well as assistance with finding pharmacies that their prescriptions were transferred to.
RITE AID FILES FOR BANKRUPTCY FOR SECOND TIME IN LESS THAN 2 YEARS
Customers inside a Rite Aid store in New York, U.S., on Monday, Oct. 16, 2023. (Bing Guan/Bloomberg via Getty Images / Getty Images)
The drugstore chain operated in the U.S. for more than 60 years. The company had opportunities to merge with Walgreens in 2017 and Albertsons in 2018, but rejected both, according to Investopedia.
Back in 1987, Rite Aid was the largest drug store chain in the U.S. with more than 2,000 stores, according to the financial media website.
RITE AID FILES FOR BANKRUPTCY: WHAT’S NEXT FOR ITS STORES
A Rite Aid store in Oak Park, Michigan, U.S., on Wednesday, July 31, 2024. (Emily Elconin/Bloomberg / Getty Images)
The pharmacy chain was driven to file for bankruptcy protection in 2023 due to mounting debt and sluggish sales from heightened competition coupled with hundreds of lawsuits connected to its role in the opioid crisis. Rite Aid quickly initiated a store optimization plan that involved immediately closing 154 of its 2,284 stores.
Over the course of the restructuring, Rite Aid closed hundreds of additional stores, leaving it with a footprint of about 1,245 locations by the time of its second bankruptcy filing in May 2025.
A person leaves a Rite-Aid on Oct. 16, 2023, in the Crown Heights neighborhood of the Brooklyn borough of New York City. (Michael M. Santiago / Getty Images)
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Its first restructuring reduced the U.S. pharmacy chain’s debt, although it still had $2.5 billion in liabilities when it emerged as a private company owned by its lenders in 2024. The company also failed to address its long-term business challenges of inflationary pressures and increased competition by pharmacy chains Walgreens, CVS, Walmart and Amazon.
FOX Business’ Daniella Genovese contributed to this report.
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