Rite Aid, one of the largest drugstore chains in the United States, announced Tuesday that it will close more than 150 stores nationwide as part of its bankruptcy process.
The Pennsylvania-based company said the closures were part of its Chapter 11 bankruptcy filing, which was made in February this year. Rite Aid, which has more than 4,500 stores across the country, has not revealed how many stores will be closed in specific states.
The company said it was doing its best to limit the impact of the closures on customers and employees alike, and will provide severance packages, job assistance, and other transition services to the affected employees. Rite Aid also said it was working to make the transition as smooth as possible for customers by providing alternative services, such as prescription delivery and mail order.
Rite Aid has long been one of the most popular drugstore chains in the U.S. However, in recent years, it has been struggling to compete with its larger rivals- CVS and Walgreens. This bankruptcy filing is the latest sign that the company’s financial condition is in dire straits.
The unfortunate news that Rite Aid is closing more stores is a reminder of the turbulent times businesses are facing due to the coronavirus pandemic. Although the company has made strides to reduce its financial distress, its situation is still far from ideal.
Rite Aid’s closures will no doubt affect thousands of people who have been relying on its services for years. However, the company hopes that its efforts to provide alternative services to customers and severance packages to employees will make the transition easier for those affected.
Rite Aid, one of the largest drugstore chains in the United States, announced Tuesday that it will close more than 150 stores nationwide as part of its bankruptcy process.
The Pennsylvania-based company said the closures were part of its Chapter 11 bankruptcy filing, which was made in February this year. Rite Aid, which has more than 4,500 stores across the country, has not revealed how many stores will be closed in specific states.
The company said it was doing its best to limit the impact of the closures on customers and employees alike, and will provide severance packages, job assistance, and other transition services to the affected employees. Rite Aid also said it was working to make the transition as smooth as possible for customers by providing alternative services, such as prescription delivery and mail order.
Rite Aid has long been one of the most popular drugstore chains in the U.S. However, in recent years, it has been struggling to compete with its larger rivals- CVS and Walgreens. This bankruptcy filing is the latest sign that the company’s financial condition is in dire straits.
The unfortunate news that Rite Aid is closing more stores is a reminder of the turbulent times businesses are facing due to the coronavirus pandemic. Although the company has made strides to reduce its financial distress, its situation is still far from ideal.
Rite Aid’s closures will no doubt affect thousands of people who have been relying on its services for years. However, the company hopes that its efforts to provide alternative services to customers and severance packages to employees will make the transition easier for those affected.
