Over the past six years, Rite Aid has tallied nearly $3 billion in losses. Rite Aid is in much worse financial shape than its competitors. The writing has been on the wall for some time for Rite Aid, the third-biggest standalone pharmacy chain in the US, as the entire drug store retail sector struggles to compete with Amazon and big-box chains like Walmart, Target and Costco moving deeper into the space and offering more customer-friendly alternatives to the nationwide pharmacy chains.Ĭompounding its problems were legal troubles stemming from accusations of filing unlawful opioid prescriptions for customers. The states include California (17 stores), Maryland (4), Michigan (16), New Jersey (8), New York (17), Ohio (4), Oregon (2), Pennsylvania (17), New Hamphire (2) and Washington (10), Alabama (1), Idaho (1). The first tranche of stores to be sold - both leased and owned - is located in twelve states, according to A&G Real Estate Partners, which is advising the drug store chain on its real estate portfolio. Rite Aid, which had filed for Chapter 11 bankruptcy protection, is now preparing to shed more than 100 stores nationwide as part of its restructuring efforts.
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