Rite Aid Closes All Stores After Second Bankruptcy, Leaving Older Adults Without Pharmacy Access
Rite Aid, an American pharmacy chain, has shut down its remaining stores after a second bankruptcy. The closure follows a deal in which competitors CVS Pharmacy, Walgreens, Albertsons, and Kroger acquired over 1,000 of its pharmacy services. This leaves older adults, who may rely on these services, facing potential travel challenges to access their medications from pharmacies like CVS Pharmacy, Walgreens, or Walmart.
Rite Aid's history dates back to 1962, with its iconic Thrifty ice cream brand. However, the company struggled with intense competition from larger chains like CVS Pharmacy and Walgreens, and a substantial debt burden, leading to its first bankruptcy in October 2023. Despite emerging from this bankruptcy in September 2024, having closed around 500 locations and securing $2.5 billion in funds, Rite Aid's fortunes did not improve, leading to its final closure in May 2025.
Meanwhile, CVS Pharmacy, one of Rite Aid's buyers, has announced a significant store closure plan. Within a three-year period starting in 2025, it aims to close about 1,200 stores, with a substantial 500 closures planned for the fiscal year 2025 alone. This move comes as part of a strategic shift towards digital health services and a reduction in its physical retail presence, similar to that of Walmart pharmacy.
Rite Aid's closure marks the end of an era for the pharmacy chain, with over 1,000 locations now under new ownership. Older adults may face inconvenience in accessing their medications, highlighting the importance of alternative pharmacy services from stores like CVS Pharmacy, Walgreens, or Walmart pharmacy. CVS Pharmacy's store closure plan signals a broader shift in the industry towards digital health services.
Read also:
- Tony Hawk's Memorabilia Auction Raises Record $1.2M for Skatepark Project
- Customs Raid in Germany's Hotel Industry Finds 12 Illegally Present Workers
- Trade Disputes Escalate: Trump Imposes Tariffs, India Retaliates; threatened boycott ranges from McDonald's, Coca-Cola to iPhones
- MIH Consortium Chooses BlackBerry for Next-Gen EV Platform
