Brick-and-mortar stores across the United States are facing a crisis, with hundreds of retail locations shutting their doors in 2024. Rite Aid, the third-largest drugstore chain in the US, is the latest retail store to face closures following a bankruptcy settlement earlier this year.
Rite Aid plans to close nearly 30 stores in two states, Ohio and Michigan, as part of their federal bankruptcy case settlement. This decision includes shuttering low-performing or underperforming store locations, such as the one in Oregon, Ohio.
Customers have expressed disappointment over the closures, with one saying, “It’s kind of disappointing to see all the Rite Aids at that going down because it’s important to the community to get medications and stuff.”
While Rite Aid has not officially confirmed which stores will be closing or when, it is expected that 12 locations in Michigan and 15 in Ohio will shut down in the coming weeks or months. Prescriptions from these closing stores are likely to be transferred to nearby pharmacies like Walgreens or CVS.
Rite Aid, founded in 1962 in Scranton, Pennsylvania, has had a long history in the retail industry. Over the years, the chain has faced various challenges, leading to its recent steps towards bankruptcy protection.
Despite closing over 200 stores since 2021 and delisting from the NYSE, Rite Aid remains a prominent player in the drugstore sector. The company’s recent settlement with its lenders and various stakeholders signifies a turning point as it navigates the complexities of the retail landscape.
As of June 2024, with ongoing store closures and financial restructuring, Rite Aid has yet to issue an official statement regarding the bankruptcy filing.
