Rite Aid is closing its pharmacies in New York and New Jersey
Rite Aid, which filed for Chapter 11 bankruptcy protection, is preparing to close nearly 100 pharmacies nationwide as part of a restructuring, ABC7 reports.
The first tranche of stores, both leased and owned, are located in twelve states, according to A&G Real Estate Partners, which is advising the pharmacy chain on its real estate portfolio.
These states include California (17 stores), Maryland (4), Michigan (16), New Jersey (8), New York (17), Ohio (4), Oregon (2), Pennsylvania (17), New -Hampshire (2) and Washington (10), Alabama (1), Idaho (1).
Rite Aid, the third-largest stand-alone pharmacy chain in the United States, has long been in trouble as the entire pharmacy retail sector struggles to compete with Amazon and big-box chains like Walmart, Target and Costco moving into the space. and offering better value alternatives to national pharmacy chains.
Today, we initiated a voluntary court-supervised process to make Rite Aid a stronger company. We are continuing to serve our customers in our stores and pharmacies and on our online platforms. More information: https://t.co/A9PXpvsDEk
— Rite Aid (@riteaid) October 16, 2023
The company’s problems were compounded by litigation stemming from allegations it illegally filled opioid prescriptions for customers. Rite Aid is in a much worse financial position than its competitors. Over the past six years, Rite Aid’s losses totaled about $3 billion.
Although the company has received $3.5 billion in financing from creditors and debt reduction agreements to keep it afloat through bankruptcy, Rite Aid has said it intends to accelerate store closures and sell some of its businesses, including concessions company Elixir Solutions. recipes.
Bankruptcy will help resolve a company’s legal disputes at a much lower cost.
Due to a revaluation of Rite Aid’s store portfolio, the following locations in the tri-state area are currently for sale:
- 37 Juliustown Road in Browns Mills
- 1426 Mount Ephraim Ave. in Camden
- 1636 Route 38, Suite 49 in Lumberton
- 210 Bridgeton Pike in Mantua
- 108 Swedesboro Road in Mullica Hill
- Route 33 and Robbinsville-Edinburg Road in Robbinsville
- 773 Hamilton Street in Somerset
- 1434 South Black Horse Pike in Williamstown.
- 836 Sunrise Hwy. in Bay Shore
- 452 Main Street in Buffalo
- 15 Arnold Street in Buffalo
- 901 Merrick Road in Copiague
- 577 Larkfield Road in East Northport
- 2 Whitney Avenue in Floral Park
- 115-10 Merrick Blvd. in Jamaica
- 2453 Elmwood Avenue in Canmore
- 3131 Hempstead Turnpike in Levittown
- 700-43 Patchogue-Yaphank in Medford
- 4188 Broadway in New York
- 195 8th Avenue in New York
- 1033 St. Nicholas Avenue in New York
- 593 Old Town Road in Port Jefferson
- 101 Main Street in Sayville,
- 65 Route 111 in Smithtown
- 397 Sunrise Hwy. in West Patchogue.