LAST CALL Final sales as popular pharmacy to close location for good in days as customers greeted with sign giving other options ANOTHER beloved pharmacy has just one week left until it shuts down for good. A Rite Aid location in Toledo, Ohio will close its doors on September 7, after reviewing “customers, communities, and overall business,” the company confirmed to The U.S.
Sun. 1 Rite Aid in Toledo, Ohio will shut down for good on September 7 Credit: Getty This particular store is located on the corner of Glendale Avenue and Detroit Avenue in south Toledo. Customers will be directed to the Rite Aid location on Heatherdowns Avenue starting on September 7 as a sign was posted alerting the move. “A decision to close a store is one we take very seriously and is based on a variety of factors including business strategy, lease and rent considerations, local business conditions and viability, and store performance,” Rite Aid added. The company also told The U.S.
Sun that it strives to “transfer associates to other Rite Aid locations where possible.” POSSIBLE BANKRUPTCY? The move comes as the pharmacy giant is preparing to file for Chapter 11 bankruptcy in order to reassess its $3.3billion in unpaid debt, The Wall Street Journal previously reported. Chapter 11 is where companies remain in operation but must restructure business affairs, debts, and assets. Rite Aid is facing more than one thousand lawsuits alleging that it oversupplied opiate prescription painkillers. MORE RITE AID CLOSURES In addition to the Toledo location, other Rite Aid pharmacies have also shut down or are in the process of closing. The Rite Aid in Ridgewood, New York is set to close on September 5. The company confirmed to The U.S.
Sun that it would transfer all prescriptions to a location a mile away. Another store located in Fayetteville, Pennsylvania will also close down on August 28. "A decision to close a store is one we take very seriously and is based on a variety of factors including business strategy, lease and rent considerations, local business conditions and viability, and store performance," the company told The U.S.
Sun in a statement. Plus, Rite Aid closed its Bartell Drugs store - the fourth Seattle store in less than one year to shutter. The company owns Bartell Drugs, a 133-year-old company bought by Rite Aid in 2020. However, it now has only 63 locations left, down from its roughly 200 stores at the beginning of 2022. IN THE WORKS The move to close stores may not have been a surprise as the Rite Aid chief financial officer executive vice president Matthew Schroeder detailed poor performance on a quarterly earnings call back in July. The company confirmed that its fiscal 2024 net loss is “expected to be between approximately $650million and $680million," worse than its previous predictions. “We're constantly looking at performance of stores, particularly ones that don't have much lease life left on the lease and determining whether we've got an opportunity to continue to maximize the profitability and the efficiency of the fleet,” Matthew said. Altogether, Rite Aid has shuttered 145 stores from late 2021 throughout last year. In addition to pharmacies closing, an iconic chain restaurant location closed abruptly. Plus, three beloved retailers will shutter in just weeks as stores fight their way out of the ‘retail apocalypse.’