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Well, that’s all, folks. Rite Aid is packing up and leaving New York for good. The full-service pharmacy chain has announced it will close all 178 stores across the state, reports CNN, following a second bankruptcy filing that puts the final nail in the coffin for one of America’s once-largest drugstore empires.
After emerging from an earlier bankruptcy in 2023, Rite Aid hoped a round of strategic closures would steady the ship. Spoiler: it didn’t. This week’s new Chapter 11 filing confirms the company will now sell off its remaining prescriptions, pharmacy and retail inventory, and other assets as part of a court-supervised wind-down.
That means, for now, you can still fill your prescriptions in-store or online—but the days of grabbing your shampoo, allergy meds and emergency nail polish remover at Rite Aid are numbered.
Why is Rite Aid closing its stores?
According to Rite Aid’s filing, the company will pursue a sale of its assets while continuing operations temporarily. Backed by $1.94 billion in new financing, Rite Aid says it will use this breathing room to find national and regional buyers for its core services, while transferring customer prescriptions to other pharmacy providers.
CEO Matthew Schroeder acknowledged the company’s ongoing struggles, blaming a fast-evolving retail and healthcare landscape and increased financial pressure. “We are encouraged by meaningful interest from a number of potential national and regional strategic acquirors,” he said in a statement released with the filing, adding that protecting access to pharmacy services and preserving jobs remain top priorities.
Rite Aid, founded in 1962, was once the third-largest drugstore chain in the country. But over the past decade, it’s faced stiff competition from CVS and Walgreens, legal battles over its role in the opioid crisis, and the rise of online pharmacy disruptors. In short, the 60-year reign is over.
There’s no confirmed timeline yet for when each New York location will close, but the company has confirmed that all NY-based outposts are on the chopping block. So if your go-to Rite Aid is still open, consider this your last call! Whether you loved it or only went there in a cold medicine panic, dozens of New York neighborhoods will soon be Rite Aid-less—and that’s no small shift.