Rite Aid closing all locations after decades in business

Rite Aid, the U.S. pharmacy chain, has made the decision to close all of its locations, as stated on their website. A message on the website expressed gratitude to loyal customers for their support over the years. CBS News reached out to Rite Aid for further comments on this development.

This closure comes after Rite Aid filed for bankruptcy in May, marking the second bankruptcy filing in nearly two years. The company had previously filed for bankruptcy in October 2023, with the aim of reducing debt and resolving litigation claims. Following the filing, Rite Aid announced the closure of 154 stores as part of its restructuring plan.

To support its restructuring efforts, Rite Aid secured $3.45 billion in fresh financing. However, the company faced challenges such as declining sales and lawsuits related to opioids. Since October 2023, over 520 Rite Aid pharmacies have shuttered, accounting for about a quarter of the total number of stores open at the time of the bankruptcy filing.

In March 2023, the Justice Department filed a complaint against Rite Aid, alleging violations of the False Claims Act and the Controlled Substances Act. The company was accused of filling unlawful prescriptions for drugs like oxycodone, fentanyl, and benzodiazepines, while disregarding internal warning signs about these prescriptions.

As of now, the Rite Aid website primarily serves as a platform for former customers to locate alternative pharmacies and request their pharmacy records. The company, established in 1962, has undergone significant changes in recent years, culminating in the decision to close all its stores.

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