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Rite Aid Completes Full Store Closures Following Second Bankruptcy Filing
After decades as a staple in communities, the Rite Aid drugstore chain has officially shuttered all of its remaining locations, marking the end of its operations following a second bankruptcy filing in May.
The company, which began in 1962, initiated a large-scale reduction of its footprint across the nation in October 2023, coinciding with its initial bankruptcy declaration. At that time, Rite Aid faced a substantial debt of approximately $4 billion, coupled with ongoing lawsuits related to its reported handling of opioid medications.
In May, Rite Aid CEO Matt Schroeder acknowledged the company’s financial challenges, citing “the rapidly evolving retail and healthcare landscapes” as contributing factors.
In anticipation of its closure, Rite Aid strategically transferred its prescription services to a number of other pharmacy chains, including CVS, Walgreens, Albertsons, Kroger, and Giant Eagle. Additionally, the company sold its ice cream brand to Hilrod Holdings.
A statement prominently displayed on Rite Aid’s corporate website now confirms the finality of the closures: “All Rite Aid stores have now closed. We thank our loyal customers for their many years of support.” Prior to this final wave, the chain maintained 89 active locations.