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Rite Aid to close hundreds (400 to 500) of stores in bankruptcy: report
Fox Business ^ | 9/23/23 | Chris Pandolfo

Posted on 09/24/2023 7:13:22 AM PDT by Libloather

Pharmacy giant Rite Aid is negotiating terms of a bankruptcy plan that could see a significant number of its more than 2,100 drugstores permanently close, according to a report.

People familiar with the company's talks with creditors told the Wall Street Journal that Rite Aid has proposed to close as many as 500 stores in bankruptcy, and either sell or let creditors take over its remaining operations.

One group of bondholders wants to liquidate a larger number of stores, and there is an ongoing discussion on the number of stores to be closed, the Journal reported.

Given the conversations remain ongoing, no decisions have been made at this time, Rite Aid said in a statement to Reuters.

The Philadelphia-based company operates more than 2,330 stores in 17 U.S. states, although it is much smaller than rivals such as Walgreens Boots Alliance and CVS Health.

The Wall Street Journal previously reported that Rite Aid plans to file for bankruptcy protection as the company faces more than $3.3 billion in debt and over a thousand federal lawsuits over its alleged role in the opioid epidemic.

(Excerpt) Read more at foxbusiness.com ...


TOPICS: Business/Economy; Conspiracy; Health/Medicine; History
KEYWORDS: bankrupt; bankruptcy; drugs; riteaid; stores
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To: US_MilitaryRules

And Woolworth’s. Love the milkshake and grilled cheese.


21 posted on 09/24/2023 8:06:23 AM PDT by Karliner (Heb 4:12 Rom 8:28 Rev 3, "...This is the end of the beginning." Churchill)
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To: napscoordinator

The CVS in my area was sleazy and half the store was a liquor store! It was a relief to me when it closed. However, I like my local RiteAid, just down the block, and hope it doesn’t close.


22 posted on 09/24/2023 8:12:10 AM PDT by EinNYC
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To: Libloather

It probably doesn’t help Rite Aid, that during the Obama years, they were convinced to stop selling all tobacco products. That’s a small but consistently selling product category.


23 posted on 09/24/2023 8:20:42 AM PDT by lee martell
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To: Karliner

I miss Thrifty’s nickle ice cream.


24 posted on 09/24/2023 8:23:55 AM PDT by Jeff Chandler (THE ISSUE IS NEVER THE ISSUE. THE REVOLUTION IS THE ISSUE.)
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To: Dr. Sivana
Both Walgreens and CVS are closing all over the place ... [m]y guess is shoplifting,

I recall stopping in a CVS in Hampton, Virginia. When I entered, I noticed that everyone else in the store, shoppers and employees, was black. Hampton, apparently is a black town. Virginia is sort of segregated like that. I didn't want to turn around and walk out, so I completed my purchase. I wish I could say that I was treated courteously, but at least no one hassled me. No Lula, [obscure To Kill a Mockingbird reference] but I did get some hard stares from an old lady auditioning for Lula's role.

25 posted on 09/24/2023 8:58:51 AM PDT by Lonesome in Massachussets (If Kitty Genovese had a gun, she’d be in jail today.)
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To: Libloather

Close all the ones in dem-o-rat hellholes.


26 posted on 09/24/2023 9:26:18 AM PDT by dynachrome (War does not determine who is right, but who is left.)
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To: ProtectOurFreedom
No CVS here in North Idaho

If you have a Target you have a CVS. It's just not a standalone CVS, but the pharmacy in Target is CVS.

27 posted on 09/24/2023 10:42:23 AM PDT by AlaskaErik (There are three kinds of rats: Rats, Damned Rats, and DemocRats.)
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To: ProtectOurFreedom

“CVS Pharmacy. 305 E Appleway Ave Coeur D Alene ID 83814. (573) 234-2211.”

Just passed bythere yesterday (Target)


28 posted on 09/24/2023 10:46:59 AM PDT by steve86 (Numquam accusatus, numquam ad curiam ibit, numquam ad carcerem™)
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To: AlaskaErik

Yep


29 posted on 09/24/2023 10:47:19 AM PDT by steve86 (Numquam accusatus, numquam ad curiam ibit, numquam ad carcerem™)
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To: Chad C. Mulligan
The Rite Aid in the county seat is the ONLY pharmacy in my rural Ohio county. If it closes, I'll have to drive 23 miles to the next nearest, which is in a dump of a town which I have no other reason to visit. Or drive an hour to the nearest Walmart. At 78 years old and mobility handicapped this is no small thing.

Can't you do mail order? I would think that Medicare would have that option.

30 posted on 09/24/2023 10:48:14 AM PDT by AlaskaErik (There are three kinds of rats: Rats, Damned Rats, and DemocRats.)
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To: AlaskaErik

Mail order works for maintenance prescriptions, but new acute-need ones, not so well.


31 posted on 09/24/2023 10:54:55 AM PDT by steve86 (Numquam accusatus, numquam ad curiam ibit, numquam ad carcerem™)
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To: Chad C. Mulligan

If that store is the sole prescription provider in the county it is probably profitable and would remain open. Even if it were shut some other chain would snap it up quick under a new name to continue operations.


32 posted on 09/24/2023 11:00:39 AM PDT by steve86 (Numquam accusatus, numquam ad curiam ibit, numquam ad carcerem™)
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To: steve86
Mail order works for maintenance prescriptions, but new acute-need ones, not so well.

At 78 I would think most everything would be a recurring prescription. If a new one is needed doctors typically have small quantities.

33 posted on 09/24/2023 11:06:19 AM PDT by AlaskaErik (There are three kinds of rats: Rats, Damned Rats, and DemocRats.)
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To: steve86; AlaskaErik
"the pharmacy in Target is CVS"

Thanks for the clarification. There's another Target a few miles north of that one on Appleway, so add two more to my list. We are thoroughly saturated with pharmacies.

I totally forgot that CVS acquired the Target pharmacies over seven years ago! I'm used to stand-alone CVS stores in California.

Why Target sold out to CVS
Feb. 11, 2016

Last week, the first CVS Health pharmacy-within-a-store was unveiled at a North Carolina Target, the first evidence of the drugstore retailer’s acquisition of Target’s pharmacy business, completed in December.

It seems obvious how CVS Health benefits from this partnership: It represents a significant expansion for the nation’s number one drugstore chain as 1,672 Target pharmacies and 79 clinics in Target stores nationwide morph into CVS Pharmacy and Minute Clinic concessions, boosting CVS’s number of pharmacies by some 20% and allowing it to enter new markets. It also helps solidify CVS Health’s substantial pivot to become a health care provider as well as a more traditional retailer of health and beauty products, and, as with most drugstore chains in the U.S., mini-grocery stores.

34 posted on 09/24/2023 11:28:29 AM PDT by ProtectOurFreedom (“Occupy your mind with good thoughts or your enemy will fill them with bad ones.” ~ Thomas More)
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To: Libloather

My recollection is that Rite Aid was to merge with Walgreens. However, because of antitrust issues, Walgreens was only able to acquire about half of Rite Aid. The rest were to be acquired by Albertson’s. However, that deal fell through leaving a small, non-viable rump Rite Aid to fend for itself.

https://www.forbes.com/sites/brucejapsen/2018/03/28/rite-aid-says-all-1932-stores-transferred-to-walgreens/

https://www.supermarketnews.com/retail-financial/albertsons-rite-aid-kill-merger-deal

So another government screw up.


35 posted on 09/24/2023 12:10:42 PM PDT by FarCenter (https://www.reuters.com/world/americas/aircraft-glitch-delays-canada-pm-trudeaus-departure-india-202)
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To: FarCenter

I wondered what happened with that.


36 posted on 09/24/2023 12:17:30 PM PDT by steve86 (Numquam accusatus, numquam ad curiam ibit, numquam ad carcerem™)
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To: napscoordinator

Indeed plus many can’t afford medications now thanks to the build back better plan.

Many have to cut back on a lot of item then top it off with many fast food joints paying $15.00 to $20.00 an hour.

The Biden plague in upon us for a long time.


37 posted on 09/24/2023 3:09:23 PM PDT by Vaduz (....)
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To: Libloather
Once all the kids were out of the home, my parents put a big addition onto the house, in anticipation of grandkids coming to visit. About a year or two after, Rite Aid came through buying up the block for a new store.

This was in the mid to late 1990s. They did make a very fair, if not generous offer and my folks bought an even nicer place outside of town, though it was kind of sad to know the house I grew up in had been bulldozed and paved over.

It's been a couple years since I've been back, but I don't recall that store being particularly busy. I wouldn't be surprised if it was on the chopping block.

38 posted on 09/24/2023 3:18:57 PM PDT by Joe 6-pack
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To: napscoordinator

It’s the out of control theft that’s taking these places down...


39 posted on 09/24/2023 3:27:23 PM PDT by GOPJ (President Trump: ‘How much of a kickback does Crooked Joe Biden get?’ (ransom payment Iran))
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To: Chad C. Mulligan

I understand that there are pharmacies that are mail order. Perhaps some fellow FReepers could recommend.


40 posted on 09/24/2023 3:46:19 PM PDT by Persevero (You cannot comply your way out of tyranny. )
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