Rite Aid’s bankruptcy will lead to 400 pharmacies shutting down

Rite Aid, one of the largest drugstores in the United States has officially filed for bankruptcy protection. Reports suggest that nearly 400 pharmacies will shut down.

The third-largest chain of drugstores in the United States, Rite Aid, filed for Chapter 11 bankruptcy protection on Sunday, and it's likely that many of its 2,000 locations will close.

People will be given fewer options for where to fill their prescriptions as a result. Rite Aid is following what has been the recent pattern in drugstores, and it appears that trend will continue.

According to a September Wall Street Journal article, Rite Aid may close 400 to 500 locations as part of bankruptcy procedures. (The business hasn't attested to the report.) Walgreens stated in June that it would close around 150 U.S. locations by next summer, and CVS announced in June that it would be closing 300 stores annually, a process that started last year and is anticipated to continue into next year.

In addition, more consumers are having their prescription drugs delivered via apps, while big box retailers and supermarket shops like Walmart and Target are opening pharmacies within their stores.

The 60-year-old chain's bankruptcy filing was not unexpected because Rite Aid has been in bad financial position for a very long time. It has experienced financial losses in all six of its most recent fiscal years, and was already eliminating locations to save costs, anticipating a $1 billion charge for its contribution to the opioid crisis.