Is Rite Aid Going Out Of Business 2024?

About Rite Aid

Rite Aid is an American drugstore chain founded in 1962 By Alex Grass under the name Thirft D Discount Center. The store then expanded into five additional store in 1965 and went public in 1968.

About Rite Aid

The company also ranked 148 on the Fortune 500 list. And in just a few years Rite Aid became the 3rd largest retail drugstore chain in the country.

Who Bought Rite Aid?

Rite Aid did not get bought out. It had plans to merge with grocery store Alberston in 2018, but the deal fell off.

Rite Aid Stores That Are Set To Close

1. California 2. Connecticut 3. Delaware 4. Idaho 5. Maryland 6. Michigan 7. New Jersey

Financial Position Of Rite Aid (2023)

Total Revenue: $5.65 billion Gross Profit: $1.16 billion Total Assets: $7.65 billion Total Debt: $6.18 billion Net Debt: $6.04 billion

Why is Rite Aid Closing?

The Justice Department of  the US has filed complaint against Rite Aid accussing the company of filing thousands of illegal prescriptions for controlled substances.

Why is Rite Aid Closing?

It also accused the pharmacists and the company of ignoring the red flags that indicated that the presciptions were unlawful. Due to this, Rite Aid is in debt of $4 billion.

Is Rite Aid Going Out Of Business?

The company filed for Chapter 11 bankruptcy protection and has started closing many of its stores. But being a big company, this bankruptcy can also be an opportunity for the company to restructure.