Rite Aid is continuing their restructuring process and has announced that they will be closing more than 150 stores in the US as part of their bankruptcy process. This decision comes after the pharmacy chain had already closed or sold off 800 stores in the past year. The stores will be located in cities across the U.S. such as New York, Chicago, and Philadelphia and in some small towns, like Watertown, New York.
The closure of the stores is expected to affect a large number of people, including both employees and customers. Employees will be laid off or relocated to similar positions at other locations. Customers who have frequented the stores for years will have to look for alternate locations for their medical needs.
In a statement, Rite Aid’s interim president and CEO, Jocelyn Konrad, spoke about the importance of providing quality services to customers while also ensuring Rite Aid’s financial stability. Konrad said that “although these decisions are difficult, they are necessary in order for us to accelerate our strategic transformation into a more efficient, customer-focused company that can provide the products and services our customers need and enjoy.”
The closure of the stores will not only affect the employees and customers, but also the surrounding communities. To help offset the impact, Rite Aid is working closely with local government, partner organizations, and suppliers to provide assistance to affected employees and customers, in addition to scholarships and grants to small businesses who have been adversely affected.
Rite Aid’s restructuring plan is intended to help the company regain financial stability and deliver better value for its customers. Despite the closures, Rite Aid still has thousands of stores across the country, so customers will still be able to find the products and services they need at a nearby location.