In September 2024, pharmacy chain Rite Aid said it was preparing for its "comeback story" after emerging from a bankruptcy that forced it to close hundreds of stores.
Just eight months later, Rite Aid is filing for bankruptcy again.
On Monday, the company said it has secured nearly $2 billion in financing to keep its locations open as it looks for a buyer. Rite Aid suggested that locations not sold to a new buyer will close.
Amid its bankruptcy process, the company said it is looking to sell its remaining inventory and assets. Rite Aid has also stopped purchasing goods and services, except for those it believes are essential for remaining open.
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“For more than 60 years, Rite Aid has been a proud provider of pharmacy services and products to our loyal customers," said Matt Schroeder, Rite Aid CEO. "While we have continued to face financial challenges, intensified by the rapidly evolving retail and healthcare landscapes in which we operate, we are encouraged by meaningful interest from a number of potential national and regional strategic acquirers. As we move forward, our key priorities are ensuring uninterrupted pharmacy services for our customers and preserving jobs for as many associates as possible.”
Rite Aid now has fewer than 1,300 locations, having closed 800 spots in the last few years.
The potential closure of additional Rite Aid stores could exacerbate U.S. access to prescriptions.
According to a 2024 study published by Ohio State University, 46% of U.S. counties had a pharmacy desert.
"Poor access to pharmacies is often associated with lower medication adherence. Patients in socially vulnerable communities may lack the means to travel to other pharmacies or may have limited access to broadband internet to find telepharmacy options," the study reads. "Furthermore, pharmacies often offer diagnostic, preventive, and emergency services. As high pharmacy desert density counties also have a lower primary care density, patients residing in these regions face increased barriers to accessing primary health care needs."
