The pharmaceutical industry has taken hit after hit recently: from lawsuits and bankruptcies, to mass store closingslong-term and growing pharmacy deserts, the industry just can’t catch a break.
And its outlook doesn’t seem to be getting any brighter.
Once a prominent competitor in the pharmaceutical industry, Rite Aid has officially shut down all of its remaining stores after battling years of financial strain and bankruptcy.
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“All Rite Aid stores have now closed,“ the company recently announced. “We thank our loyal customers for their many years of support.”
The move comes less than two years after filing for Chapter 11 Bankruptcy in October 2023, citing massive long-term debts. At the time, the chain was operating more than 2,200 stores across the country, according to CNN. The company initially filed to close 154 locations on Oct. 6, 2023, according to court documents.
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However, the chain ended up closing more than 800 stores by late 2024, shortly after settling a $410 million lawsuit in July 2024 alleging it violated controlled substance regulations. As of Sept. 30, only 89 of their locations remained open, according to ScrapeHero, with only a handful left in New England. At its peak, Rite Aid was the third-largest pharmacy chain. trailing only CVS and Walgreens.
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CVS remains the largest pharmacy chain in the country with 9,026 locations. Walgreens follows close behind with 8,099 locations. Rite Aid was founded in Scranton, Pennsylvania in 1962. The closings mark the end of its 63-year run.