Rite Aid just filed for bankruptcy

[Lexington2012]

Rite Aid, Facing Slumping Sales and Opioid Suits, Files for Bankruptcy (Published 2023)

The pharmacy chain, one of the country’s largest, faces more than a thousand lawsuits that say it filled illegal prescriptions for painkillers.

www.nytimes.com

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[panicatthepharmacy]

TIL there are still Rite Aids.

 

[WorthlessOxygen]

TIL there are still Rite Aids.

Still pretty big on the coasts

 

[Lexington2012]

TIL there are still Rite Aids.

There were 3000 stores up until the recent closures. I think they are down to about 2500 now. Looks like that number may be headed to zero.

 

[Sunshine98*]

I'm surprised they made it this long.

 

[projektreverb]

I'm surprised they made it this long.

Agreed. I know someone who jumped ship from Walgreens to rite aid. I was talking to him about this a few months back since it seemed to be inevitable.

Said pharmacist seemed to be in denial and said something to the effect of “leadership said not to be worried”. I laughed and said yeah that’s your sign you need to start looking for a new gig. Seems like they might have to now.

 

[RXDOC1986]

Chapter 11 is actually a restructuring, the bankruptcy court helps eliminate a whole lot of bad debt, leases and bad contracts.
It really benefits the corporation in coming back healthier and stronger, but no second chances after that.

I do hope they do survive, come back stronger. Any retail chain failing, is not good for anyone.

 

[mentos]

I swear this happened a decade ago.

 

[GrandTheftAutumn]

On two separate occasions, I had video interviews scheduled with them; both times they flaked. I'm thankful that they did.

 

[RxPreceptor]