This development comes in the immediate aftermath of the company's Chapter 11 bankruptcy filing on October 15. It's worth mentioning that this store's closure is not an isolated case. In fact, it's just one among over a hundred such closures projected to take place all over the US.
Rite Aid's operational hours have been affected as well. They've limited their working hours to weekdays only, serving customers from 9am to 5pm. The store will remain closed on weekends.
There's also a shift in the company's management. Jeffrey Stein, a veteran in the field, will take up the helm as Rite Aid's new CEO and chief restructuring officer.
Prescription Transfers and Employee Postings
It's not all negative, though. For the convenience of customers, all prescriptions under the closing store will be automatically redirected to another store situated just 3 miles away. This move ensures that customers continue to receive their medications without any hassle.
Attention is also being given to the employees of the closing stores. While there's no assurance that they'll retain their positions, the company is making efforts to transfer as many employees as possible to other Rite Aid locations.
Echoes of Past Acquisitions
Last year, Rite Aid expanded its chain by acquiring Bartell, a drug store chain based in Seattle. Yet, this expansion didn't translate into stability. As of now, 16 Bartell locations have been shuttered since the acquisition.