Rite Aid is planning to close even more pharmacy stores.
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I can't believe they're going out of business. I've been going there since I was a kid. The brand is about 63 years old. It's just not Rite (Aid)!
Rite Aid Is Closing More Pharmacies
There has recently been a wave of my childhood stores going out of business, and I hate it. But let's all be honest with ourselves. When's the last time any of us went to a Rite Aid? I actually don't think there's been one near me for years.
Now Walgreens and CVS have dominated the easy-access Pharmacy market. And Rite Aid is simply yesterday's news. Along with this brutal reality comes store closures. And a lot of them.
And by a lot, I do mean a ridiculous amount. The brand just passed its 1000th store closure recently.
First of all, an impressive number of stores to have opened at one point. But an equally depressing number to have now nixed.
If you want the full list of 1000-plus store closures and transfers, Rite Aid has published a detailed list on its website.
The transfers in question are to direct competitors like Walgreens and CVS. Those two have made out like bandits. Last I checked, CVS scooped up 625 locations across 15 different states.
Walgreens hasn't been quiet either after it completed a $10 billion acquisition deal with Sycamore Partners. So they've now got some cash to spend.
Where Did It All Go Wrong?
Hard to choose one moment in Rite Aid's history where the pharmacy store messed up. There are way too many moments to choose from.
First of all, they have now filed for bankruptcy twice. I'm not saying it's impossible to make a comeback after filing. (Plenty of famous brands and people have done it before.) But it's not easy.
Especially when the height of your power was all the way back in 2008. That's not a great look. Like an athlete who's way past his prime but hasn't won a ring yet. Just wandering around the league. And on a new team every year, claiming "they still got it".
It's honestly a little sad at this point as we watch Rite Aid limp to the finish line.
