Rite Aid Closing All Stores amid Bankruptcy Filing. Here’s What It Means for Your Prescriptions

Rite Aid announced plans to sell off and close its pharmacies after revealing that the company had filed for Chapter 11 bankruptcy on Monday, May 5.

In a statement shared with PEOPLE, the company announced that it was “pursuing a strategic and value-maximizing sale process for substantially all of its assets.” This is the second time that Rite Aid has filed for bankruptcy in recent years after previously filing in 2023, AP reported.

Rite Aid wrote that it was “working to facilitate a smooth transfer of customer prescriptions to other pharmacies” as sales commence, so customers will still be able to access their local stores for prescriptions and other goods through the process.

Despite the efforts, some customers have expressed their disappointment about the news.

“I love this store and I’m very disappointed,” longtime New York-based customer Eddie Neuwirth told Gothamist. “It was a very good drugstore, they took care of me, they were very friendly and they went out of their way.”

Another customer told the outlet that people had been asking questions about the fate of their local Rite Aid after noticing that shelves had been looking bare.

“We inquired about it and they said, ‘Just restocking.’ But that never happened,” Garbiela Marin said. “And it’s actually super sad because it’s one of the few affordable stores in the West Village, so we feel bad for our elderly residents.”

USA Today reported that Rite Aid ended their bankruptcy proceedings in 2023 after they were able to reduce their debts by restructuring. The company owned 2,000 stores at the time. Now, they operate just over 1,200. Even with the reduction, the pharmacy, which has been in business since 1962, has given many elderly people and those in rural communities access to life-saving prescriptions that they may not otherwise have.

“For more than 60 years, Rite Aid has been a proud provider of pharmacy services and products to our loyal customers,” Matt Schroeder, Rite Aid’s CEO, said in a statement addressing the bankruptcy filing.

Schroeder noted that they have received “meaningful interest from a number of potential national and regional strategic acquirers.”

“As we move forward, our key priorities are ensuring uninterrupted pharmacy services for our customers and preserving jobs for as many associates as possible,” he vowed.

He continued, saying, “I will be forever grateful to our thousands of associates for their commitment to Rite Aid and its mission, and I thank our entire team – from store associates to corporate employees – for their dedication to our customers and our company. With their support, we have played a critical role in supporting the healthcare needs of countless Americans across the communities that we are honored to serve.”

Although the company will maintain pay for employees, the outlet noted that some people would be laid off, citing Bloomberg News. The company is also expected to sell off prescriptions, pharmacy, front-end inventory and other assets.

Neil Saunders, a retail analyst, told AP that stores are likely to “become more and more spartan” in the lead up to the sale.

There will be some other changes that customers notice in stores. Within the next month, they won’t be able to use gift cards or make returns, according to the outlet. Rewards points will also no longer be issued to shoppers.