Rite is going out of business

[ruth265]

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Rite Aid (RAD) is an example of a company that proved the old maxim, "what can go wrong, will go wrong". Its shares are at $.41, down from a 52-week high of $4.72. Rite Aid says that refinancing the load may help its prospects. A Raymond James analyst recently said, "Rite Aid has the worst balance sheet of any company I follow." In the quarter ending August 30, the company's loss rose to $222 million and its integration of its Brooks and Eckerd drugstore chains appears to be going very badly. Pharmacists will be out of work soon.
PS. I found it online. What you guys think?

 

[rycetrix]

It's true...Rite-Aid is going bankrupt. I hope Walgreens buys Rite-Aid up...

 

[rycetrix]

It is because of those stupid $30 gift cards for transfer Rx's. We had to max out each customer at four, but before that there was one customer who got like eight of them...

 

[alenadoma]

lol..yep, I heard this is true too!
I also heard that things are so bad there that they are making employees purchase their own toilet paper!!

 

[YiYaoYue]

I hope Target buys out Rite Aid. Then have Super Target and Mini Target

 

[bacillus1]

So far I see no evidence of Rite Aid stores doing so badly that they will be sold. Maybe because that's because I work at a RiteAid in center city Philly. It is true that tech hours have been cut, but business seems to be running.

I wouldn't want it to be bought over by CVS or Walgreens, because then my store wouldn't exist (bout are a block away...but then again there's another Rite Aid 2 blocks away). Plus there's that whole Power aspect.

As I said before, I better find a hospital job for the summer and stay there.

 

[goinkhead]

no bid deal...lets just bail them out just like every other failing business. that seems to be the american way now-a-days.

I wonder...why cant rite-aid abandon all the cheap merchandising and change its business model to focus on health care (pharmacies). It must be difficult to compete with all the targets, kmarts, 99cent stores. A change to pharmacy care might even put rite-aid up there wiht the walgreens. plus, the pharmacies might even allow for a broader range of health care...like diabetes and cholesterol screening....hell, id support a bail-out of any industry if it meant changing their failing business model.

 

[alenadoma]

I hope Target buys out Rite Aid. Then have Super Target and Mini Target

When Kmart closed in the same plaza that my Target is in, we got all of their scripts! So you never know, it's a possibility!!

 

[YiYaoYue]

When Kmart closed in the same plaza that my Target is in, we got all of their scripts! So you never know, it's a possibility!!

don't know if this is true or not, but seems like target is one of the preferred retail stores along with costco. i never liked the products in target that much, but the pharmacy at the target nearby is really nice and it is smack dab in the middle too and not in the rear.

 

[bluesickle]

no bid deal...lets just bail them out just like every other failing business. that seems to be the american way now-a-days.

Agreed. Do you think the CEO's are going to show up to plead their case in private airplanes too?

 

[goinkhead]

Agreed. Do you think the CEO's are going to show up to plead their case in private airplanes too?

ha...i guess you're referring to the big 3 CEO's. thats just another example of how out-of-touch they are with the public...just like their crappy products that no one wants to buy. (I hope obama hires them to build american infrastructure...they've got the factories and the manpower...minus well have them do something useful on the taxpayers tab)

I am not kidding when I say that we need to bring back public executions. public hangings...or something dramatic. We need to make an example out of one of these wall street CEO's...none of this white collar house arrest sentences..lets go medieval on them.

I was talking to a friend of mine who was born in China...he was amazed at how these CEO's are anally fisting the tax payers...he commented on how that behavior would not be allowed in China because of fear of severe punishment....i thought this was interesting.

 

[alenadoma]

ha...i guess you're referring to the big 3 CEO's. thats just another example of how out-of-touch they are with the public...just like their crappy products that no one wants to buy. (I hope obama hires them to build american infrastructure...they've got the factories and the manpower...minus well have them do something useful on the taxpayers tab)

I am not kidding when I say that we need to bring back public executions. public hangings...or something dramatic. We need to make an example out of one of these wall street CEO's...none of this white collar house arrest sentences..lets go medieval on them.

I was talking to a friend of mine who was born in China...he was amazed at how these CEO's are anally fisting the tax payers...he commented on how that behavior would not be allowed in China because of fear of severe punishment....i thought this was interesting.

hahahahha I thought that was so funny: let's go medieval on them. At least it would work, I feel like all of this is spinning out of control! We need MAJOR change.

 

[goinkhead]

hahahahha I thought that was so funny: let's go medieval on them. At least it would work, I feel like all of this is spinning out of control! We need MAJOR change.

ha...i should note, im quoting a character from pulp fiction.

 

[thephoenician88]

I highly doubt rite aid would go out of business, it's a huge company. Even though their shares are down, I'm sure they'll bring it up.

If not they'll most likely close a lot of stores down and then those stores will sell the information to a nearby pharmacy. That's usually what happens, which usually doubles that stores count. So they'd come to our store, we wouldn't be able to handle the extra load w/o the techs, then we crash and customers leave us etc....

 

[Farmercyst]

I highly doubt rite aid would go out of business, it's a huge company. Even though their shares are down, I'm sure they'll bring it up.

If not they'll most likely close a lot of stores down and then those stores will sell the information to a nearby pharmacy. That's usually what happens, which usually doubles that stores count. So they'd come to our store, we wouldn't be able to handle the extra load w/o the techs, then we crash and customers leave us etc....

You haven't been watching the news have you. How many "big" companies have gone out of business in the last year and how many more are expected to do so. While RAD would likely be bought out before they liquidated assets, few people would blink if it was snuffed out. They've had serious issues for the last several years.

 

[SHC1984]

I hope Walgreens take over Rite Aid and CVS.😀

 

[Markovnikov]

Snyder's Drug Store, Phar-Mor, Revco, Drug Emporium are all examples of drug stores in the past that had to file for bankruptcy or sell off their stores to other chains.

It seems like the drug stores simply can not make money from selling drugs any more. CVS and Wal-greens have both got involved in insurance and processing businesses to help their balance sheet and provide a future. Wal-mart uses their pharmacy as a loss leader to attract shoppers. Rite Aid invested a lot in Drugstore.com but that crashed and burned with many of the other dot-com era investments. Also the fact that the CEO stole billions from the company set the company way behind CVS and Wags. (http://www.cbsnews.com/stories/2003/06/18/national/main559152.shtml)

 

[rxliteguy]

i used to work at rite aid and I hated working there. Very bad corporate management. No respect for the employees.

 

[rainsplash]

They probably will have to close some stores or do something drastic before they loose everything

 

[ichwill]

I currently work for Rite Aid. My store is not apart of the union. Now to be exact on how much the store makes, I was told we roll in roughly high $63,000. Although we are a high rolling store, we almost roll enough in to support another store. So my opinion is RiteAid will definantly close down some low end stores and keep the high rollers in busniess. (I was informedby someone that has worked retail for many years) that "IF" RiteAid should be bought out , that the new buyer would most likely Fire all managers and keep the employee's. I have no proof of this; but it's a possibility.

 

[rxliteguy]

Working at Rite Aid was a bad work experience for me as I've said before. The corporate people are mainly to be blamed for Rite Aid's failure. They are greedy son of biatches who could care less about their employees. As they saying goes, they deserve what they got.

 

[ichwill]

Working at Rite Aid was a bad work experience for me as I've said before. The corporate people are mainly to be blamed for Rite Aid's failure. They are greedy son of biatches who could care less about their employees. As they saying goes, they deserve what they got.

(going a little off topic)

I agree with this. I worked at Stater Brothers and felt more valued then I do at RiteAid. I remember one time I had been laying in bed running a fever and constantly puking whatever I downed to eat or drink and I called in sick while on my first 3rd week of phrobation of new hiree at Rite aid (4) hours early. The boss harrased me and insisted that I should still come in and "work slow" and I would be eligable for termination. "Eligible for termination? I was said "You're eligable for my stick in youre butt cheeks". Last time I read my food handlers book for handling ice cream, it clearly states "IF YOU'RE SICK DON'T WORK"
(Trust me, I need money and I wouldnt dare to abuse this policy of being sick).


I'm not going to be liable for a consumer getting sick from me serving icecream to them while i'm sick. No way. And if I do get you sick, please give my wonderful boss a golf clap

Think my boss cared? Slave drive much? 👎

In honesty I hope Rite Aid does get toasted so I can give my bosses the middle finger. (why cant I find the emote for middle finger? )

 

[lymmys]

Walgreens will take over half, CVS will take over half. It seems like Walgreens has less stores than CVS, however Walgreens fills more script than CVS

 

[genesis09]

It is assumed Rite Aid will go bankrupt by the end of the year. It is not sure whether another pharmacy will buy them out or not. A lot of people at Rite Aid are trying to jump ship.

 

[Argentium]

I've heard that WAG might be taking over Rite Aid stores. In addition to buying out Drug Fair in New Jersey ... they're crazy .

 

[pharmacyanalyst]

Noone goes out of business during the Obama administration. It's their mantra.

 

[fhx06]

It is assumed Rite Aid will go bankrupt by the end of the year. It is not sure whether another pharmacy will buy them out or not. A lot of people at Rite Aid are trying to jump ship.

I think a chain buying up Rite-Aid is a bad idea...

 

[aboveliquidice]

I highly doubt rite aid would go out of business, it's a huge company.

Yup - Like the banking or automotive industry

 

[Passion4Sci]

I was just in my neighborhood Rite-Aid today, and the Pharmacist who was my mentor for the last few months, who had worked there for 9 years, decided to take a job at the new-ish VA hospital in Mather AFB. I walked in as she was leaving in her street clothes and I was like, "Hey, where's your white coat??" It was sad, indeed.

And this is a really high-traffic store, too. Don't know if it's related, but it seems weird, considering she's taking a pretty nice pay cut (self-admitted) going to the VA.

 

[thephoenician88]

Yup - Like the banking or automotive industry

yea they're suffering because of the choices they made...

 

[thephoenician88]

I highly doubt rite aid would go out of business, it's a huge company. Even though their shares are down, I'm sure they'll bring it up.

If not they'll most likely close a lot of stores down and then those stores will sell the information to a nearby pharmacy. That's usually what happens, which usually doubles that stores count. So they'd come to our store, we wouldn't be able to handle the extra load w/o the techs, then we crash and customers leave us etc....

yes i was wrong for this statement, but i said it in november of last year, so if the haters could stay at bay and keep their useless comments to themselves, that would be great.

I stick to everything else i said though.

 

[kdt110]

I highly doubt that walgreens or CVS would buy our Rite Aid. There is no need. Often, they are only a block from each other. Bankruptcy may not be a bad idea for Rite Aid. It can restructure and keep the good stores.

 

[ichwill]

I was just in my neighborhood Rite-Aid today, and the Pharmacist who was my mentor for the last few months, who had worked there for 9 years, decided to take a job at the new-ish VA hospital in Mather AFB. I walked in as she was leaving in her street clothes and I was like, "Hey, where's your white coat??" It was sad, indeed.

And this is a really high-traffic store, too. Don't know if it's related, but it seems weird, considering she's taking a pretty nice pay cut (self-admitted) going to the VA.

Oh yeah it happened at my store I work at. Pharmacy Techs I work with are saying they're looking for a back-up job. I always tell myself I always have to have a Plan B if RiteAid crashes.

 

[confettiflyer]

It depends what the creditors want to do...there's been a push lately to just go into chapter 7 vs. chapter 11 bk. However, since we're feeling bottom on the market, who knows what will happen.

My gut says chapter 7, but I could be wrong. We'll see...either way, rite-aid is effed as a company.

 

[Passion4Sci]

Oh yeah it happened at my store I work at. Pharmacy Techs I work with are saying they're looking for a back-up job. I always tell myself I always have to have a Plan B if RiteAid crashes.

Undoubtedly, very few people are safe from this "great recession." In California, even haz-mat inspectors, fire fighters, police officers, and teachers are being furloughed/OT reduced. These professions, historically, have been recession-proof as their relative necessity societally is self-evident.

It seems like Pharmacy is one of the few fields in health care that is taking a hit, though, since it's so closely interlaced into retail. Rather depressing, if you ask me.

 

[koercive]

Well I have an interview with RiteAid next week, so some places are still doing well. Wish me luck!