Empty Rite Aid Store
All Rite Aid stores in Michigan are slated to close, confirmed by the pharmacy chain this Tuesday. The recent submissions in bankruptcy court signaling the closure of stores represent the complete withdrawal of Rite Aid’s presence in the state as the company continues to struggle with bankruptcy proceedings.
An official Rite Aid representative announced via email on Tuesday afternoon that the pharmacy chain, which owned 186 storefronts in Michigan as recently as two months ago, has submitted the remaining stores for closure. Since August 2, Rite Aid has listed three filings in the U.S. Bankruptcy Court in New Jersey announcing intent to close 38 Michigan stores, following the previously reported closures of 123 stores since mid-June.
It’s a downhill road for Rite Aid in Michigan. The chain reported its initial store closings in the state in the fall. Notably, the Waterford Township distribution center is also due to cease operations this Friday – a closure that will result in the layoff of 191 employees.
Rite Aid is not alone in this trend as other major pharmacy chains are facing similar fates. Both CVS Health and Walgreens have announced significant store closures nationwide over the past few years. Walgreens stated in June that it will be closing up to 25% of its 8,700 U.S. locations in the next three years. As for CVS, it reported the closure of approximately 600 stores since 2022, with plans to close an additional 300 in 2024.
Rite Aid filed for bankruptcy in October after posting consecutive annual losses for several years. The company initially projected the closure of 400-500 out of their 2,200 stores. Experts believe changing consumer tastes, overbuilding, and declining drug reimbursement rates are the major contributing factors to the widespread closure of pharmacy stores.
The current list of closed Rite Aid locations in Michigan includes:
Amid the nationwide trend of pharmacy closures, Michigan now stands without a presence of Rite Aid stores. The fate of the displaced employees is yet to be known. As the dust settles, it is clear this marks a significant moment for the American pharmaceutical industry.
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