Rite Aid in trouble

[mentos]

I forgot this company had a stock.

Rite Aid stock crashes 20% after Wall Street analyst suggests retailer could go out of business

Things could get real ugly at Rite Aid, real soon warns one Wall Street analyst.

finance.yahoo.com

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[Xenophylia]

Haven't they kind of been like that for YEARS? I remember people predicting they were going out of business at least 10 years ago.

 

[_RxRated]

I always forget Rite Aid is still a thing.

 

[MountainPharmD]

Search back 10 years and you’ll find articles proclaiming the same thing! It’s amazing they are still around….

 

[sdh0202]

Basically pandemic kept them in business up until now. I worked for Rite Aid for few years before I got into this hospital gig but this company had been wasting so much money - such as changing their logo and renovating store design for pharmacist to focus on more "personalized medicine" with patients by recommending homeopathic medicines and supplements. Yet, they can't even pay enough to retain good quality pharmacy technicians/pharmacists. They are living in such a delusional sight where they would be able to generate profits advertising holistic medicines lol.
I wouldn't be surprised if RA closes in 5 years when all of these covid premium profits are all set and done.

 

[Sunshine98*]

I remember people predicting they were going out of business at least 10 years ago.

Actually 20 years ago

 

[RxPreceptor]

Also have been under the impression they were hanging on by a few threads...even being biased in local areas proximal to Rite Aid HQ and decent local presence. They've been on tilt somewhat trying out new things (virtual RPh counseling on ipad instore, etc.) to form some kind of niche but have been failing miserably

 

[WorthlessOxygen]

Yet, they can't even pay enough to retain good quality pharmacy technicians/pharmacists.

Techs for sure (still in line with other major chains) but pharmacists? They're always offering considerably more than CVS/Wags in my area

 

[alpha12]

It goes to show pharmacy isn’t profitable business.

 

[PharFromNormal]

They had their 20 to 1 reverse stock split a couple years ago to get their share price back up to stay listed on the exchange

 

[mentos]

Sina Cura made a good point. What will happen to Thrifty Ice Cream??

 

[sdh0202]

Techs for sure (still in line with other major chains) but pharmacists? They're always offering considerably more than CVS/Wags in my area

I know for new grad they were offering relatively higher than other chains in NE area, but they lost lots of rphs in my district/region due to their unwillingness to match CVS offer.

 

[lord999]

Basically pandemic kept them in business up until now. I worked for Rite Aid for few years before I got into this hospital gig but this company had been wasting so much money - such as changing their logo and renovating store design for pharmacist to focus on more "personalized medicine" with patients by recommending homeopathic medicines and supplements. Yet, they can't even pay enough to retain good quality pharmacy technicians/pharmacists. They are living in such a delusional sight where they would be able to generate profits advertising holistic medicines lol.
I wouldn't be surprised if RA closes in 5 years when all of these covid premium profits are all set and done.

5 years from now, you'll be able to say the same thing!

RiteAid has always been the worst of the chains and should have died a long time ago. But they keep finding willing dupes.

@mentos

As for Thrifty Ice Cream, the same thing as the good old fatty Sanborn's. With the sole exception of Thrifty White, dead and done.

 

[confettiflyer]

Sina Cura made a good point. What will happen to Thrifty Ice Cream??

If Rite-Aid goes bankrupt under chapter 7, they’ll probably sell the El Monte production facility and it will continue (they’d need to buy the Thrifty trademark, too). It does do brisk wholesale business (at least 40%, per OC Register in 2010).

Anyone here want to go splitsies on an ice cream factory?

 

[Xenophylia]

Actually 20 years ago

Yeah they're like the mythical hydra. You lop off their head, then two more grow back. Pretty much un killable despite them trying their best to constantly sink the company themselves.

 

[quickpic007]

I forgot this company had a stock.

Rite Aid stock crashes 20% after Wall Street analyst suggests retailer could go out of business

Things could get real ugly at Rite Aid, real soon warns one Wall Street analyst.

finance.yahoo.com

In todays job market, this is an outstanding opportunity to snag a huge sign on and keep it if they go broke!
Should be a no stress job, everyone knows its on borrowed time so no stress!

 

[Prepharm1214]

They have literally lost money every quarter for the past 10 years aside from a handful of periods, mostly during covid. I'm not sure how they've hung on this long, gradually selling off assets best I can tell.

 

[confettiflyer]

They have literally lost money every quarter for the past 10 years aside from a handful of periods, mostly during covid. I'm not sure how they've hung on this long, gradually selling off assets best I can tell.

That’s some Sears-level of zombie company shenanigans.

 

[projektreverb]

That’s some Sears-level of zombie company shenanigans.

I think you just dated yourself with that reference 😂

 

[confettiflyer]

I think you just dated yourself with that reference

Lol, that was 2018 bro! I ain’t that old!

 

[mrbrklyn]

The thing that has kept them alive as a business after losing BILLIONS of dollars is that the Rite-Aid brand is valuable.

 

[BidingMyTime]

I thought CVS bought out RiteAid?

 

[WorthlessOxygen]

I thought CVS bought out RiteAid?

Walgreens but only roughly half of their stores. Never cleared federal approval for the full merger. Rite aid still has a relatively large presence in the Northeast and west coast.

 

[VA77]

Something I found interesting in the Post today

Exclusive | Rite Aid rejected $800M takeover bid this month

Rite Aid earlier this month quietly rejected a takeover bid that valued the drugstore chain at more than $800 million — despite it being nearly twice the drugstore chain’s current stock…

nypost.com

 

[Xenophylia]

They're so arrogant at this point that they'd rather let the ship sink than sell their repulsive turd of a company to someone who could maybe shine it up a bit. And the fact that someone was dumb enough to offer them something for it is remarkable as well.

 

[baronzb]

That's incorrect. The store is in bad shape because the leadership tried to sell it to get a corporate pay out.