Rite Aid Files for Bankruptcy, Closing 100 Stores as Legal Disputes and Retail Competition Take Toll

Rite Aid filed for Chapter 11 bankruptcy and is closing nearly 100 stores across 12 states, including 17 in Pennsylvania.

Rite Aid is the 3rd biggest standalone pharmacy chain in the US, but is struggling to compete with Amazon, Walmart, Costco, etc.

Rite Aid has lost nearly $3 billion over the past 6 years and secured $3.5 billion in financing to stay afloat during bankruptcy.

Bankruptcy could help Rite Aid resolve legal disputes over accusations of unlawful opioid prescriptions.

15 Rite Aid locations in the Philadelphia region are slated for closure, including stores in Camden, Mullica Hill, Philadelphia, and other towns.