Rite Aid to close more pharmacies amid restructuring

The bankrupt pharmacy chain Rite Aid announced this week that it will shutter more stores as part of a restructuring effort in hopes of rebounding.

The new round of closures adds 31 to the list of 100 stores the company released last month. After the closures, the company will have about 2,000 stores left in the U.S.

The closures come as the entire brick-and-mortar pharmacy industry struggles to keep up with big box stores and online retailers. Over the past six years, Rite Aid has recorded nearly $3 billion in losses and seen its stock price plummet 90%.

This makes the company much worse off than its main competitors CVS and Walgreens, which have also struggled to stay afloat post-pandemic. CVS, the largest independent pharmacy, expects to close around 900 stores by the end of 2024, and Walgreens sees closing 150 outlets in the coming months.

Rite Aid, headquartered in Philadelphia, is also dealing with lawsuits alleging it filled illegal opioid prescriptions for customers.

The Rite Aid closures will affect stores across California, Connecticut, Maryland, Michigan, New Jersey, New York, Nevada, Oregon, Ohio, Pennsylvania, Virginia and Washington. 

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