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Pharmacy chain Rite Aid announced it has filed for Chapter 11 bankruptcy, which will likely result in the closure of a number of locations. In a statement released by the chain on Sunday, Rite Aid ...
Rite Aid filed for bankruptcy Sunday and will likely close hundreds of stores. - Angus Mordant/Bloomberg/Getty Images CVS, the largest US chain, closed 244 stores between 2018 and 2020.
The pharmacy chain Rite Aid filed for bankruptcy in October. Since then, the chain closed hundreds of stores, including 16 more locations in Ohio during additional recent downsizing.
Rite Aid, one of the largest U.S. pharmacy retailers, stumbled under its high debt, revenue declines, increased competition, and opioid litigation, according to its court filings.
(Reuters) -Rite Aid will operate as a private company after it successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy, the U.S. drugstore chain said on Tuesday.
On November 21, a bankruptcy judge ordered Rite Aid to fully reorganize its operations by March 1, 2024. Rite Aid warned that if it failed to fully reorganize by the deadline, the company could face liquidation. [76] On November 29, Rite Aid announced the closure of 30 additional stores that would close by December 2023. [77]
Rite Aid, the third-largest U.S. drugstore chain, filed for Chapter 11 bankruptcy protection Sunday, and it's likely the company will close a big chunk of its 2,000 stores.
Rite Aid was reported by multiple news outlets to be considering Chapter 11 bankruptcy in September 2023; the pharmacy chain was said to have been petitioning for closures of up to 400 or 500 stores. [ 247 ] [ 248 ] [ 249 ] On October 15, 2023, Rite Aid officially filed for Chapter 11 bankruptcy, announcing plans to close nearly 100 stores. [ 250 ]