Rite Aid, once a giant in the pharmacy world, has closed its doors for good after years of financial turmoil. The company, founded 63 years ago, pulled the plug on its last 89 stores last week, CNN reports. The move comes months after its second bankruptcy filing in less than two years, a sign of just how tough the pharmacy business has become. "All Rite Aid stores have now closed. We thank our loyal customers for their many years of support," the company said in a note on its website, pointing them to resources for transferring prescriptions. The site now serves as a bridge to other pharmacies and for accessing old prescription and immunization records.
Rite Aid, once famous for its Thrifty ice cream, had struggled against deep-pocketed competitors and mounting legal woes. The chain, which had more than 5,000 stores at its peak, first filed for bankruptcy in October 2023, buried under $4 billion in debt and lawsuits tied to allegedly improper opioid prescriptions. After hacking away at half its stores and $2 billion in debt, Rite Aid briefly emerged from bankruptcy in September 2024. But by May, the chain was halved again, down to about 1,250 locations.
Most of Rite Aid's pharmacy business has already been snapped up by CVS, Walgreens, Albertsons, and Kroger, meaning prescriptions and records are finding new homes. While this is a relief for customers left in the lurch, the trend of big pharmacy closures isn't slowing: CVS has been shuttering hundreds of stores since 2021, and Walgreens has announced it will shed 1,200 locations.
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In a statement in May, chief executive Matt Schroeder said the company had played a critical role in supporting the health care needs of countless Americans," adding that he "will be forever grateful to our thousands of associates for their commitment to Rite Aid and its mission." Schroeder announced last week that he will be starting a new position as chief financial officer at carwash company Spotless Brands, the New York Times reports.
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