Which Rite Aid Locations In Connecticut Are Closing?

Rite Aid, a pharmacy chain with 27 stores in Connecticut, is closing multiple locations after filing for bankruptcy last year. The company has closed 10 additional stores on top of the 154 it planned to shut down after filing for bankruptcy in October. Rite Aid stores in three cities across Connecticut will close their doors for good in December. The pharmacies in Stamford, New Haven, and Waterbury will close at the beginning of December.

Rite Aid has been closing hundreds of stores since it filed for bankruptcy in October. Of the 699 stores that the company has announced in bankruptcy filings, it has closed 12 Connecticut store locations since declaring bankruptcy.

Rite Aid now lists 22 locations in Connecticut, including the Ansonia and New Haven pharmacies that will be closing. With a Ferry Street Rite Aid also closed 12 Connecticut store locations.

Rite Aid plans to close 77 stores nationwide, including one in Connecticut, new court documents show. The drugstore chain has already closed pharmacies in downtown New Haven and Ansonia as part of a restructuring plan. The company has also announced plans to close pharmacies in Bethel Pharmacy, which is the only CT Rite Aid store to shutter.

In conclusion, Rite Aid is closing several locations, including one in Connecticut, as it files for Chapter 11 bankruptcy protection.

Why is Rite Aid in trouble?

Rite Aid has filed for Chapter 11 bankruptcy protection, citing a challenging environment for drug stores, a runner-up status to larger chains, and expensive legal battles for allegedly filling unlawful opioid prescriptions. The bankruptcy was not a surprise, as Rite Aid’s bigger rivals, CVS and Walgreens, are also facing similar problems, closing stores, and Amazon and big-box chains like Walmart, Target, and Costco offering more customer-friendly alternatives. However, Rite Aid is in worse financial shape than its competitors and is unable to weather the industry’s downturn.

Is Rite Aid closing stores in CT?

Rite Aid, a leading drugstore chain, has announced the closure of 12 stores in Connecticut since declaring bankruptcy in October last year. The chain, which operates approximately 1, 700 retail pharmacies across 16 states, has a strong presence on both the East and West Coasts, employing over 51, 000 associates. The closures come as Rite Aid continues to announce the closures of hundreds of stores since its bankruptcy declaration.

Is Walgreens taking over Rite Aid?

In 2015, Walgreens attempted to buy Rite Aid for $17. 2 billion, but the deal fell through due to the Federal Trade Commission’s refusal to approve it. In June 2017, Walgreens canceled the merger and bought 42 of Rite Aid’s stores for $4. 38 billion. A recent lawsuit accuses Walgreens Boots Alliance of downplaying antitrust regulator scrutiny, with the settlement still requiring approval from a federal judge in Pennsylvania.

Is Walgreens buying Rite Aid?

Walgreens Boots Alliance agreed to buy Rite-Aid for $17 billion in 2015 to expand its U. S. presence. Rite Aid’s Chapter 11 filing was unexpected as the company had a large debt burden, $1. 5 billion due in 2025, and a projected fiscal 2024 net loss of almost $700 million. The company also faced substantial opioid-related settlement claims from lawsuits accusing it of contributing to an oversupply of the drug.

Did Walgreens buy Rite?

In 2015, Walgreens attempted to buy Rite Aid for $17. 2 billion, but the deal fell through due to the Federal Trade Commission’s refusal to approve it. In June 2017, Walgreens canceled the merger and bought 42 of Rite Aid’s stores for $4. 38 billion. A recent lawsuit accuses Walgreens Boots Alliance of downplaying antitrust regulator scrutiny, with the settlement still requiring approval from a federal judge in Pennsylvania.

Who was Rite Aid bought out by?

Walgreens Boots Alliance is set to acquire Rite Aid for $17. 2 billion in an all-cash transaction. Rite Aid, founded in 1962, was initially Thrift D Discount Center. The company changed its name to Rite Aid Corporation in 1968 before its IPO on the American Stock Exchange (AMEX). In 1970, its stock moved to the New York Stock Exchange (NYSE). Rite Aid has faced growth, scandals, and deals with Walgreens and Albertsons. In 2015, it acquired Envision Pharmaceutical Services for $2 billion. Former Rite Aid executives admitted to overstating net income between 1997 and 2000.

Is Rite Aid in Ansonia closing?

Rite Aid, a standalone establishment within the shopping center, is ceasing operations, while Marshall’s, an off-price department store, has become the largest remaining store. On Wednesday, those seeking discounted merchandise endured the effects of a heat wave to peruse a going-out-of-business sale at Bob’s. The sale featured signage indicating discounts of 30 to 70 percent on a vast array of items displayed in nearly every window.

Which Rite Aid stores are closing in Queens?

Rite Aid, a pharmacy company, has announced the closure of 53 national locations, including two in Queens Village and one in Rego Park, due to ongoing financial losses and the opioid epidemic. The company filed for Chapter 11 bankruptcy in October 2023, and has since closed over 200 locations across the US. The losses are primarily due to lawsuits related to opioid prescriptions, which contribute to the country’s opioid epidemic.

The company is also facing significant debt and declining sales, worsening its financial problems. In addition to the Queens locations, three New York City Rite Aids and four more on Long Island are also set to close.

Did Rite Aid file chapter 11?

Rite Aid, a full-service pharmacy with over 2, 100 retail locations across 17 states, has closed over 520 locations in bankruptcy, a quarter of the 2, 111 stores it sought court protection for in October 2023. The Department of Justice filed a complaint in intervention in a whistleblower lawsuit against Rite Aid and its subsidiaries last year, alleging that the company knowingly filled unlawful prescriptions for controlled substances and violated the Controlled Substances Act.

Is Rite Aid doing bad?

Rite Aid, a retail pharmacy chain, has been closing stores since filing for bankruptcy, resulting in a drop from 2, 500 to 1, 554 stores as of early August 2024. This is nearly 1, 000 fewer than the company operated three years ago. The downsizing coincides with a broader shift in retail pharmacy, with CVS and Walgreens also reducing their store count. The company’s downsizing has had ripple effects, with GoodRx estimating that Rite Aid’s closures would reduce its profits by at least $5 million. The company has not provided a target number of locations as part of its bankruptcy plan.

Why is Walgreens closing locations?

Walgreens CEO Tim Wentworth has announced plans to close its pharmacies due to declining prescription demand and a shift towards online shopping. The closures will focus on locations that aren’t profitable, too close to each other, or stores struggling with theft. Walgreens CEO Wentworth believes the current pharmacy model is not sustainable and plans to close pharmacies in select Targets and CVS stores. Price-conscious consumers are also disregarding the candy and card aisles, instead filling their digital carts at Walmart and Amazon.