Rite Aid has announced it will shut down all its remaining stores.
Company’s Rise and Fall
Rite Aid, established in 1962, was once among the largest pharmacy chains in the US, boasting 5,000 stores at its peak. However, in recent years, it encountered significant financial challenges and a Justice Department investigation.
By last Friday, data showed that fewer than 100 stores were still operational. Rite Aid filed for bankruptcy in October 2023 and May 2025 as part of its ongoing struggles.
Legal Issues and Settlements
The company faced legal trouble concerning its involvement in the opioid crisis. In 2022, Rite Aid agreed to pay approximately $30 million to resolve lawsuits claiming it contributed to opioid distribution in the US.
In its 2023 bankruptcy filing, Rite Aid indicated that restructuring would assist in resolving various litigation claims. Additionally, the company settled a Justice Department complaint in July 2024 regarding unlawful prescriptions for oxycodone and fentanyl.
Broader Pharmacy Trends
Rite Aid’s closure is part of a larger trend among pharmacy chains in the US. Other companies, such as CVS and Walgreens, have also closed numerous locations for various reasons.
Since 2021, CVS has closed over 1,000 retail stores. Meanwhile, Walgreens, recently acquired by Sycamore Partners, shut down 500 stores over the past year. Experts have raised concerns about “pharmacy deserts,” where many people live far from pharmacies.
