Transition and Impact
has initiated the sale of pharmacy services from over 1,000 locations to major competitors, including CVS, , , and , as part of its Chapter 11 bankruptcy process.
The sales aim to ensure a smooth transition for customers, allowing them to continue using pharmacy services without interruption, while also preserving jobs for some employees.
Financial and Operational Challenges
Rite Aid's bankruptcy follows its second filing in less than a year, driven by a challenging retail environment, legal battles, and a significant debt burden.
The company, now with fewer than 1,300 locations, has been shrinking its footprint, closing 800 stores in recent years as it struggles to compete with larger chains.