All Rite Aid stores to close or be sold as company files for bankruptcy [View all]
As pharmacy deserts crop up across western Washington, a large chain is biting the dust.
Rite Aid CEO Matthew Schroeder briefed employees Monday that all stores would either close or be sold as the company files for bankruptcy, Bloomberg reported.
The media outlet stated funding from investors fell short, and the company faced a series of economic issues, including tariffs, more expensive supply costs, pricier landlords, and what Schroeder called a “dramatic downturn in the economy.”
According to the court filing, as posted on Kroll, to support Rite Aid during bankruptcy, the company secured commitments from lenders to access nearly $2 billion to carry out operations, including employee wages and welfare benefits. In the meantime, customers will still have access to pharmacy services as the company works to transfer prescriptions to other pharmacies.
https://mynorthwest.com/local/rite-aid-stores-to-close/4083966
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