Bankrupt pharmacy chain confirms new round of closures with 27 stores closing in two states and closing more than 200

RITE Aid store closures aren’t slowing down anytime soon, with more than 20 closures added to the list of more than 200.

The pharmacy filed for Chapter 11 bankruptcy in October last year and faces $3.3 billion in debt.

In addition to the hundreds of store closings that Rite Aid is expected to see, Midwestern states will also close the doors of some of its pharmacies.

There are 12 closures scheduled in Michigan and 15 in Ohio, local station WZZM-TV reports.

The US Sun has reached out to Rite Aid for comment but has not yet received a response.

The Camp Hill, Pennsylvania-based company announced it would close 154 stores, with Pennsylvania and California bearing the brunt of these closures.

However, since November 2023, the number of reported closures has increased, now exceeding 200 additional stores, per Supermarket News.

A U.S. judge granted Rite Aid permission to move forward with voting on a bankruptcy restructuring plan in March, the news outlet reported.

This plan aims to transfer the majority of the company’s capital to its bondholders, while leaving the door open for a potential sale.

Judge Michael Kaplan, who is overseeing the bankruptcy process, stressed the importance of speeding up the process to avoid further restructuring costs, which could potentially lead to the company going into liquidation.

MORE PROBLEMS

Hundreds of Rite Aid pharmacies have closed their doors since last October as a result of financial difficulties.

“Rite Aid regularly evaluates its retail presence to ensure we are operating efficiently while meeting the needs of our customers, communities, associates and overall business,” the pharmacy chain said in a statement.

“In connection with the court-supervised process, we have notified the Court of certain underperforming stores that we are closing to further reduce rental expenses and strengthen overall financial performance.”

In addition to Michigan and Ohio, closures are impacting states including Pennsylvania, California, New Jersey, new Yorkand Virginia.

The company filed for bankruptcy protection in October, with plans to close underperforming stores, sell its pharmacy benefits company Elixir and settle opioid lawsuits.

The US government alleged that the network had filled illegal opioid prescriptions.

Additionally, state and local governments, hospitals and consumers collectively filed 1,600 lawsuits against the company.

RITE AID LOCATIONS CLOSING IN MICHIGAN AND OHIO

Here are the Rite Aid locations closing in Michigan and Ohio

Michigan Rite Aid Closings:

• Livonia, Michigan (37399 Six Mile Rd, Livonia, MI 48152)
• Burton, Michigan (G4033 Fenton Rd, Burton, MI 48529)
• Burton, Michigan (6026 Lapeer Rd, Burton, MI 48509)
• Flint, Michigan (4519 Richfield Rd, Flint, MI 48506)
• Ludington, Michigan (936 E Ludington Ave, Ludington, MI 49431)
• Wyandotte, Michigan (1998 Biddle Ave, Wyandotte, MI 48192)
• Spring Lake, Michigan (603 E Savidge St, Spring Lake, MI 49456)
• Bay City, Michigan (3880 Wilder Rd, Bay City, MI 48706)
• Marlette, Michigan (2985 Main Street, Marlette, MI 48453)
• Grosse Pointe Farms (107 Kercheval Ave, Grosse Pointe Farms, MI 48236)
• Milford, Michigan (640 N Milford Rd, Milford Charter Twp, MI 48381)
• Allen Park, Michigan (15411 Southfield Rd, Allen Park, MI 48101)

Ohio Rite Aid Closings

• Ashtabula, Ohio (2148 Lake Ave, Ashtabula, OH 44004)
• Challenge, Ohio (1816 E 2nd St, Challenge, OH 43512)
• Youngstown, Ohio (3527 Canfield Rd, Youngstown, OH 44511)
• Coshocton, Ohio (218 Chestnut St, Coshocton, OH 43812)
• Springfield, Ohio (1805 S Limestone St, Springfield, OH 45505)
• Cleveland, Ohio (3402 Clark Ave, Cleveland, OH 44109)
• Oregon, Ohio (3362 Navarre Ave, Oregon, OH 43616)
• Toledo, Ohio (2434 W Laskey Rd, Toledo, OH 43613)
• Warren, Ohio (1560 Parkman Rd NW, Warren, OH 44485)
• Alliance, Ohio (1895 W State St, Alliance, OH 44601)
• Massillon, Ohio (242 Lincoln Way W, Massillon, OH 44647)
• Bowling Green, OH (722-740 S Main St, Bowling Green, OH 43402)
• Wheelersburg, OH (8130 River Rd, Wheelersburg, OH 45694)
• St. Marys, Ohio (1502 Executive Drive St. Marys, OH 45885)
• Tiffin, Ohio (530 W Market St, Tiffin, OH 44883)

While denying any wrongdoing, the pharmacy chain intends to achieve a fair resolution of the opioid litigation through bankruptcy proceedings, as reported by Reuters.

PHARMACY CLOSURES

Rite Aid isn’t the only pharmacy looking to close its stores.

Walgreens and CVS also have plans to close their doors in the face of competition and theft.

Walgreens is planning to reduce its national presence by about 200 stores in fiscal 2024, according to CEO Timothy Wentworth during a recent earnings call with analysts, according to the New York Post Office.

At the same time, CVS revealed its intention in 2021 to reduce its retail presence nationwide by a total of 900 stores, with plans to close 300 locations annually from 2022 to 2024, the outlet states.

Meanwhile, a well-known bakery chain is expected to close two of its stores due to insufficient business, which has led to its closure.

And ALDI acquired two locations previously operated by 99 Cents Only Stores following the discount retailer’s closure.