Two More MA National Drug Stores Have Closed their Doors, Permane

A new court filing this week announces the number of Rite Aid locations have dwindled as 77 stores have become casualties while the drug chain continues downsizing amid a bankruptcy that was recently filed by the national pharmacy chain.

(Photo image of Rite Aid exterior courtesy of www.wkipedia.org)

Hundreds of Rite Aid locations have closed since an initial announcement in October that the company was filing for bankruptcy. In that initial announcement, 154 Rite Aid locations were set to be closed. According to court documents, over the remainder of 2023, an additional 200 stores were announced for closure.

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This year’s court filings bring the total number of Rite Aid locations set for closure to 431. As of February 29th, a total of 1,704 stores remain open for business nationwide across 16 states. More information on this developing story is available by logging on to their website.

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The company had $3.3 billion in long-term debt, exceeding the value of the company’s assets by nearly $1 billion. Selling off stores has been a part of their strategy to stay afloat. In addition to securing $3.5 billion in financing and debt reduction agreements from lenders.

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An update on this developing story: Two Massachusetts outlets have recently shut down: 824 Purchase Street in New Bedford and 467 Broadway in Revere. Back in October, the Rite Aid Webster location at 80 East Main Street across the Connecticut border was the first to close their doors here in The Bay State.

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New Hampshire, The Granite State has also lost a pair of pharmacies located on Nashua Street in Nashua, north of Fitchburg and Central Street in Franklin. Rhode Island's locations remain intact.

(Photo image of Lew Lehrman book cover courtesy of www.amazon.com)

BOTTOM LINE: I can probably imagine former Rite Aid owner Lew Lehrman is giving his stamp of disapproval regarding this matter.

(Some information obtained in this article courtesy of the web site www.masslive.com https://www.masslive.com/news/2024/02/rite-aid-closing-77-stores-in-2024-new-document-shows-heres-where.html#:~:text=Financial%20woes&text=The%20company%20had%20$3.3%20billion,467%20Broadway%2C%20Revere)

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Gallery Credit: Liz Barrett Foster