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 ...
And Woolworth’s. Love the milkshake and grilled cheese.
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.
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.
I miss Thrifty’s nickle ice cream.
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.
Close all the ones in dem-o-rat hellholes.
If you have a Target you have a CVS. It's just not a standalone CVS, but the pharmacy in Target is CVS.
“CVS Pharmacy. 305 E Appleway Ave Coeur D Alene ID 83814. (573) 234-2211.”
Just passed bythere yesterday (Target)
Yep
Can't you do mail order? I would think that Medicare would have that option.
Mail order works for maintenance prescriptions, but new acute-need ones, not so well.
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.
At 78 I would think most everything would be a recurring prescription. If a new one is needed doctors typically have small quantities.
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.
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.supermarketnews.com/retail-financial/albertsons-rite-aid-kill-merger-deal
So another government screw up.
I wondered what happened with that.
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.
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.
It’s the out of control theft that’s taking these places down...
I understand that there are pharmacies that are mail order. Perhaps some fellow FReepers could recommend.
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