Will rite Aid stores close? Details on bankruptcy
By: Amanda Wallace
NorthJersey.com
USA Today Network - New Jersey
..... After more than 60 years in business, Rite Aid announced May 5 [2025] that it has begun Chapter 11 bankruptcy proceedings.
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The pharmacy chain's CEO, Matt Schroeder, said the filing in the U.S. Bankruptcy Court for the District of New Jersey was driven by financial challenges, which have been intensified by "rapidly evolving retail and health care landscapes."
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"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," Schroedre said. "With their support, we have played a critical role in supporting the health care needs of countless Americans across the communities that we are honored to serve."
..... The company operates 1,240 stores across 15 states, 60 of which are in New Jersey, according to the Rite Aid website. Here is what customers need to know about the company's future after its announcement.
Future of Rite Aid stores
..... The company announced in a news release that it has secured $1.94 billion in new financing to help fund store operations during the potential sale and ongoing bankruptcy processing. Eventually, any company assets that are not sold through this process will no longer be owned or operated by Rite Aid. Store locations will either be closed or under new ownership.
..... The company has received "meaningful interest from a number of potential national and regional strategic acquirers," according to Schroeder, who added that the company;s key priorities are "ensuring uninterrupted pharmacy services for our customers and preserving jobs for as many associates as possible."
..... During the preprocessing, Rite Aid customers will continue to be able to access pharmacy services and products. both in store and Online. This includes prescriptions and immunizations.
..... "In connection with the sale process and court-supervised proceedings, the company is working to facilitate a smooth transfer of customer prescriptions to other pharmacies," said the company's news release. "Rite Aid employees assisting with this process will continue to receive pay and benefits."
..... Rite Aid initially filed for bankruptcy in the fall of 2023 as it faced poor sales, billions of dollars of debt, and more than 1,000 federal, state and local suits, accusing it of fueling the opioid epidemic.
..... There have been at least 722 closures since late 2023. In New Jersey, store closures have included a variety of locations across the state, such as Hackensack, Manchester, Mullica Hill, Robinsville,
Tinton Falls and West Milford.