The retail brick-and-mortar landscape across the US is undergoing a crisis, with numerous big-name stores shutting their doors in 2024. Rite Aid, the third-largest drugstore chain in the United States, is the latest to face closures as part of a bankruptcy settlement earlier this year, leading to shut down store locations in several states.
Rite Aid is gearing up to close almost 30 stores in Ohio and Michigan as part of its federal bankruptcy case. Court documents filed in the week of June 17 revealed that the company’s settlement includes the closure of low-performing or underperforming store locations. This unfortunate fate has befallen one of Rite Aid’s locations in Oregon, Ohio, at 3362 Navarre Ave.
Customers who frequented these stores are feeling the impact of this decision. Carol Deluca, a Rite Aid customer, expressed her dismay, stating, “I was really upset because I come here quite often. It’s so convenient for me, and I’m just upset about it.” Another customer, Logan Barshel, mentioned, “It’s kind of disappointing to see all the Rite Aids at that going down because it’s important to the community to get medications and stuff.”
While the company has not officially disclosed which stores will be closing or the timeline for their closure, it’s already closed over 200 stores since 2021. 12 locations in Michigan and 15 in Ohio are expected to shut down in the coming weeks or months.
Prescriptions from these closing stores will likely be transferred to nearby pharmacies like Walgreens or CVS. A full list of store closures, as well as potential closures in Michigan and Ohio, can be found on WZZM 12 News.
Established in 1962 in Scranton, Pennsylvania, Rite Aid has had a long history in the retail pharmacy industry. The company has faced challenges over the years, including a failed acquisition attempt by Walgreens and Albertsons in the mid-2010s.
With the recent bankruptcy filing and subsequent store closures, Rite Aid is navigating through a turbulent period in its history. The company’s leadership, including Chief Executive Officer Jeffrey Stein and Chief Financial Officer Matt Schroeder, are working towards finding a path forward amidst these challenges.
As of June 2024, Rite Aid has not issued any official statements regarding the bankruptcy filing or the ongoing store closures. The impact of these closures on customers and communities remains to be seen as Rite Aid grapples with its financial struggles.
