Rite Aid

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Rite Aid Corporation
FormerlyThrift D Discount Center (1962–1968)
Company typePrivately held company
NYSE: RAD (1970-2023)
OTC Pink: RADCQ (2023-2024)
IndustryRetail
FoundedSeptember 12, 1962;63 years ago (1962-09-12)
In Scranton, Pennsylvania, United States
Founder Alex Grass
DefunctOctober 3, 2025;4 days ago (2025-10-03)
Fate Chapter 11 bankruptcy and liquidation
Headquarters Philadelphia, Pennsylvania, United States (final) [1]
Number of locations
0 (October 2025)
Key people
  • Matt Schroeder (CEO)
  • Steve Bixler (CFO)
  • Alex Grass (Founder)
Products
RevenueIncrease2.svgUS$24.04 billion(FY2021) [2]
Decrease2.svgUS$47.14 million(FY2021) [2]
Increase2.svg US$−90.9 million (FY2021) [2]
Total assets Decrease2.svgUS$9.335 billion(FY2021) [3]
Total equity Decrease2.svgUS$615.2 million(FY2021) [3]
Number of employees
31,000 (2024)
Subsidiaries Bartell Drugs [4] [5]
Website riteaid.com

Rite Aid Corporation was an American drugstore chain based in Philadelphia. Founded in 1962 in Scranton, Pennsylvania, at its peak it operated more than 5,000 stores. [6] By May 2025, it operated only 1,200 stores across 15 U.S. states and was the seventh-largest pharmacy in the U.S. when taking into account big box chains. [7]

Contents

The company filed for Chapter 11 bankruptcy in October 2023 due to a large debt load, thousands of lawsuits alleging involvement in the opioid crisis and a failed restructuring. [8] It emerged in September 2024, but filed again less than a year later in May 2025, liquidating all remaining assets [9] and closing its last remaining stores by September 2025. [10]

Retail History

1962–1989

Rite Aid logo used from 1979 to 2020 Rite Aid.svg
Rite Aid logo used from 1979 to 2020

Alex Grass founded the chain as Thrift D Discount Center in Scranton, in September 1962, [11] [12] [13] after marrying into the Lehrman family of Harrisburg, Pennsylvania in the early 1950s. [14] The store expanded into five additional states in 1965 and went public as Rite Aid in 1968. [13] It moved to the New York Stock Exchange in 1970, trading under the symbol RAD. [15] [16]

Ten years after its first store opened, Rite Aid operated 267 locations in 10 states. [14] Rite Aid acquired Baltimore, Maryland's Read's Drug Store in 1977. [17] In June 1981, Teamsters Local 182 began a strike over paid vacation benefits. The union charged Rite Aid with being locked out . The strike lasted ten months when a National Labor Relations Board meeting was scheduled for July 19, 1982. [18] 1983 marked a sales milestone of $1 billion. A 420-store acquisition along the East Coast expanded Rite Aid's holdings beyond 2,000 locations.[ citation needed ]

In early October 1984, Rite Aid bought the Federal Plaza building in Downtown Youngstown vacated by Woolworth's. [19] A large number of acquisitions brought the chain to Michigan in late October 1984 incuding the purchase of Grand Rapids, Michigan-based Muir Drug and Remes Drug, along with Lippert Pharmacy of Lowell and Herrlich Drug of Flint. [20] [21] [22] [23] In 1985, Rite Aid opened stores in Lansing, Michigan, through the acquisition of State Vitamin. [24] Rite Aid expanded further into Ohio in 1987 acquiring Cleveland-based Gray Drug from Sherwin Williams. [25] [26] In March 1988, Rite Aid acquired Begley Drug Stores of Richmond, Kentucky including six home health centers in Kentucky and 140 dry cleaning stores in ten states. [27] In June 1988, the Ohio Division of Liquor Control processed the liquor licenses which were up for renewal after the Gray Drug acquisition by Rite Aid. [28] On April 10, 1989, Peoples Drug's 114-unit Lane Drug of Ohio from Toledo was purchased by Rite Aid. [29] [30] [31] In November 1989, it was reported by the United Food and Commercial Workers (UFCW) that Rite Aid cut available hours for employees to work at their stores after the Lane Drug purchase. [32]

1990–1999

In the 1990s, Rite Aid partnered with Carl Paladino's Ellicott Development Co. from Buffalo, New York to expand the company's presence in upstate New York. [33] In 1992, Rite Aid bought Wellby Super Drug from Hannaford Brothers of Scarborough, Maine. [34] [35] In June 1992, Maine's prescription drug program with Medco Containment Services came under fire by Rite Aid. [36] In January 1994, Rite Aid CEO Martin Grass announced that two hundred drugstores would close within six months. The company sold its auto parts, book, and dry cleaning outlets. Rite Aid decided to open seventy-five new drugstores by February 1995. [37]

In May 1994, Rite Aid acquired Waterville, Maine-based LaVerdiere's as part of its expansion into Northern New England. [38] The company acquired twenty-four Hook's Drug Stores of Indianapolis, Indiana in late 1994, selling nine of the stores to Perry Drug Stores, a pharmacy chain from Pontiac, Michigan. In December 1994, Rite Aid announced that the company would acquire Perry, entering Metro Detroit for the first time and expanding its presence in Michigan even further. [39] [40] [41] In February 1995, Revco took over Rite Aid's store on Braddock Avenue in Pittsburgh. [42] In March 1995, Alex Grass stepped down as chairman and CEO. His son, Martin Grass, took over. [43] Martin had worked for the company for 28 years beginning when he was 13. [44] In July 1995, Rite Aid expanded into Portland, Maine by purchasing 18 stores from Brooks Pharmacy from Warwick, Rhode Island. Rite Aid sold 30 stores to Brooks in Massachusetts and Rhode Island. Brooks also acquired prescription files from another six stores in Massachusetts. [45] [46] In October 1995, Rite Aid announced a new store opening in Hampden, Maine.

Downeast Pharmacy was there servicing about 6,000 residents at the time. [47] [48] In November 1995, Rite Aid announced a deal to merge with Revco worth $1.8 billion in cash and stock, [49] [50] however, the deal fell through as the Federal Trade Commission (FTC) was ready to file an antitrust lawsuit. [51] [52] Revco's top executives were against the sale to Rite Aid, however, shareholders were for it. [53] In December 1995, Rite Aid announced that the Revco deal would have closed about 300 and cut 1,000 jobs. [54] CVS, based in Woonsocket, Rhode Island eventually bought Revco in 1997. [55]

In February 1996, the Federal Trade Commission (FTC) required three stores be divested after the LaVerdiere's purchase in 1994. [56] In April 1996, Rite Aid announced that it was buying Honeyland Pharmacy in Schenectady, New York. [57] In June 1996, Rite Aid was in the second year of a three-year expansion. [58] In September 1996, representatives from Rite Aid met with residents of Orono, Maine about their concerns with building a larger store. [59] On October 14, 1996, the company acquired Thrifty PayLess, a 1,000-store West Coast chain from Los Angeles. The acquisition of Thrifty PayLess included the Bi-Mart membership discount stores headquartered in Eugene, Oregon. [60] [61] [62] A day later, Rite Aid announced it would sell Bi-Mart [63] [64] and it was sold in 1997. [65] In August 1996, Rite Aid planned to build new stores in Madawaska and Fort Kent while enlarging stores in Houlton and Caribou. All four stores were in Maine. [66] In January 1997, Rite Aid was negotiating with Angus King, the then-governor of Maine, for liquor licenses and some lawmakers had concerns. King wanted to follow through with closing the state liquor stores which had begun two years prior. The loss of state jobs had been a sore point for lawmakers. [67] [68] In March 1997, Rite Aid announced plans to build a distribution center in Harford County, Maryland creating 850 jobs. [69] In July 1997, Rite Aid acquired Harco, Inc. and K&B, Inc. which brought the company into the Gulf Coast area. [70] [71]

In early January 1998, Rite Aid delayed its plans for a new store in Bucksport, Maine. [72] In mid January 1998, the company announced about 200 employees lost their jobs at its New Orleans distribution center. The company expanded its customer service center in Tuscaloosa, Alabama and created 100 jobs. [73] In February 1998, Rite Aid was exploring the idea to move its Hampden, Maine store. [74] In mid April 1998, Rite Aid made an agreement with National City Bank to sublease and operate a branch inside its store in the 5100 block of Penn Avenue in Pittsburgh. [75] In late April 1998, Rite Aid closed its Amedia Plaza store in downtown Youngstown, Ohio. [76] In early May 1998, the company planned to build a new store in Guilford, Maine, however, the construction was delayed over concerns the representatives from Rite Aid not joining in on the discussion. [77] In late May 1998, HIV/AIDS activists picketed some of the stores in the Philadelphia area because they felt the company failed to adequately stock HIV prescriptions leaving customers in a risky position where they had to wait two or three weeks. [78] In June 1998, residents of Blue Hill, Maine met with city officials and the developer who was building a new Rite Aid store. Residents had questions. The city planning board approved the new building. [79]

In early July 1998, Bucksport residents remained skeptical of the plans to replace two smaller Rite Aid stores with a superstore. [80] A few days later, the residents of Bangor, Maine had a public hearing on Rite Aid building a new store after rezoning was approved. The Bangor city council referred the matter back to the planning board. [81] In late July 1998, Rite Aid rebuilt the store previously built by Woolworth's and later occupied by Harco, Inc. in Tuscaloosa, Alabama which had burned down in November 1997. [71] In mid September 1998, Rite Aid announced that it would build an 11,000 square foot a store in Washington, Pennsylvania to replace a smaller store. The three businesses occupying the building to be torn down caused problems for the renters. [82] In late September 1998, Rite Aid was denied a permit to build a superstore by the Bucksport, Maine planning board. The company planned to appeal the decision. [83] In August 1998, the new store planned in Bucksport was still delayed and residents had concerns. [84] In November 1998, Rite Aid decided not to build a new store in Bangor citing rising costs. [85] In December 1998, Rite Aid announced it would not open a new store in Five Mile Fork, Virginia as previously planned. [86]

On February 10, 1999, Rite Aid acquired Plaza Drugs in Owosso, Michigan. [87] The next day, analysts thought there would be problems when Grass had a stake in a real estate business which built a shopping center in 1998, and Rite Aid moved in the center. [88] In 1999, Rite Aid closed 600 poorly performing stores. [89] In 1999, Rite Aid bought a Gulf gas station at the corner of Forbes and Murray avenues in the Squirrel Hill neighborhood of Pittsburgh for $2 million. In late May 1999, the company planned to build a new store in the neighborhood, the problem, though was parking. [90] In September 1999, Rite Aid planned to phase out its distribution center in Farr West, Utah shifting operations to Los Angeles. [91] On October 19, 1999, Martin Grass, chairman and CEO, stepped down with losses mounting from debt which occurred from rapid expansion. The board of directors named Timothy J. Noonan, Rite Aid's president and COO, as CEO. The board created a new executive committee consisting of four outside directors. [92] On October 20, 1999, the company's stock had risen to $30 per share, however, it dropped again precipitously to $4.40 per share. [93] Rite Aid shareholders were angered by the stock dropping from $50 per share in January to $9.56 per share. Douglas Wilburne said, "Frankly, some people are looking for a little catharsis". [94] On November 16, 1999, Leonard Green took over as chairman of Rite Aid. [95] [96]

On November 23, 1999, Rite Aid announced that new projects were on hold. [97] In early December 1999, Bob Miller took over as chairman and CEO, helping to stabilize and save the company from bankruptcy. Miller had worked 30 years for Albertson's and then Kroger. Rite Aid hired Deloitte & Touche as its auditing firm after KPMG LLP resigned in November. [96] [98] [99] [100] Mary Sammons of Fred Meyer was tapped by Leonard Green of Leonard Green & Partners to become president and chief operating officer. [98] [101] David Jessick, a former executive at Thrifty Payless and Fred Meyer, became the chief administrative officer (CAO). John T. Standley, from Fred Meyer, became the chief financial officer (CFO). [102]

2000–2009

In April 2000, Rite Aid announced it had secured $1 billion in credit from Citibank in addition with J.P. Morgan converting $200 million in bank debt to Rite Aid stock at a price of $5.50 each. Rite Aid also announced that it would take PCS Health Systems, Inc., a pharmacy benefit manager (PBM), off the market. [103] In mid July 2000, Rite Aid sold PCS Health Systems to Advance Paradigm for $1 Billion. [89] [104] In January 2001, Rite Aid missed Wall Street's estimates, but sales were on the increase. Earnings were showing progress and its EBITDA showed improvement. [105] In July 2001, Rite Aid agreed to improve its pharmacy complaint process by implementing a new program to respond to consumer complaints. [106] In December 2001, Rite Aid sold off its stores in the Columbus, Ohio, market to CVS. [107] In mid April 2003, Pittsburgh City Council and the residents of the 5100 block of Penn Avenue were angered by the store closure in the neighborhood. [75] In late April 2003, Rite Aid had a small quarterly gain. Its debt of $6.6 billion in 2000 went down to $3.9 billion. [108] In July 2004, Rite Aid expanded for the first time since nearly collapsing in 1999. The company also sold 1,260 Eckerd Phrmacy stores to CVS. [89] [109] Sammons became CEO in 2003. [110]

Eckerd store in Rochester, Pennsylvania, pictured shortly before its conversion into a Rite Aid in August 2007 Eckerd Rite Aid.jpg
Eckerd store in Rochester, Pennsylvania, pictured shortly before its conversion into a Rite Aid in August 2007

In January 2006, Rite Aid proposed an expansion of its Beaver, Pennsylvania store. Zoning issues occurred for the loading dock. [111] In March 2006, residents of Beaver, opposed the construction of a new Rite Aid store. [112] On August 23, 2006, The Wall Street Journal announced that Rite Aid would acquire the U.S. subsidiary of Quebec-based Jean Coutu Group, including 1,858 Eckerd and Brooks Pharmacy stores, for $3.4 billion in cash and issuing stock, giving Jean Coutu a 32% equity stake in Rite Aid. [113] [114] [115] In October 2006, Change to Win Federation (CtW), a labor union, asked Miller to delay a shareholder vote on the Brooks/Eckerd merger. The request was denied. [116] In January 2007, Rite Aid shareholders voted on the purchase of the Coutu Group U.S. subsidiary. [117] The company's shareholders overwhelmingly approved the merger on January 18, 2007. [113] [114] [115] The Federal Trade Commission (FTC) approved the deal on June 2, 2007. [118] The deal closed on June 4 of that year. [113] [114] [115] After an antitrust review, Rite Aid was required to divest 23 stores. [119] [120] Rite Aid later announced that the two chains' stores would be rebranded, retiring the 109-year-old Eckerd banner; all stores were converted to Rite Aid by September 2007. The subsidiaries previously responsible for operating their respective chains remained active and began operating in name only. [121] [122] [123]

The merger made Rite Aid the dominant drug store retailer in the Eastern United States and the third largest drug retailer nationwide. At its peak in 2008, Rite Aid had a total of 5,059 stores employing 112,800 people. [124] The next fiscal quarter the company had an increase in revenue but a sharp fall in net income as Rite Aid began the integration process, and the New York Times reported that Rite Aid had record-breaking losses that year. [125] Rite Aid shares fell over 75% between September 2007 and September 2008, closing at a low of $0.98 on September 11, 2008, and subsequently dropping to $0.20 on March 6, 2009. [126] In February 2007, Rite Aid received permission from the Bryan, Ohio city council to build a 11,000 square-foot pharmacy. [127]

Similar to what CVS experienced in the Chicago metropolitan area after its purchase of Boise, Idaho-based Albertsons drug store chains, the deal gave Rite Aid stores which were too close to each other. In many situations, especially in Pennsylvania, where both chains were dominant and had roots in the Commonwealth (Rite Aid originated in Scranton; Eckerd began in Erie, while Thrift Drug was popular in the Pittsburgh area. In some cases, there were neighboring Rite Aid stores. However, in March 2008, some overlapping stores were closed. Most of the stores which were closed were pre-existing Rite Aids from before the Eckerd deal, since Eckerd had built newer, more modern stores with drive-through pharmacies and larger space under ownership of both JCPenney and Jean Coutu Group; and the sites to which they moved were converted Eckerds. Employees at the closed stores were transferred to nearby locations. [128] As a former subsidiary of JCPenney, Eckerd accepted JCPenney's store credit card, a practice continued by Rite Aid into later years.

Many stores acquired from Brooks Eckerd had previously been Rite Aid locations, as Rite Aid had sold some stores to JCPenney's Thrift Drug chain in the mid-1990s (shortly before JCPenney's acquisition of Eckerd), and had sold all of its Massachusetts stores to Brooks in 1995. After the Brooks Pharmacy and Eckerd Pharmacy mergers, Rite Aid became the third-largest retail drugstore chain in the country. [20] On January 4, 2008, Rite Aid announced the closure of all 28 of its stores in the Las Vegas Valley and the sale of patient prescription files from the market to Walgreens. The company said that Las Vegas was a non-core market which had not been contributing to overall results. It had not opened a new store there since 1999. One Nevada store stayed open in Gardnerville, near the California border, where Rite Aid at the time had more than 600 stores. [129] It exited Nevada entirely when the Gardnerville store closed in December 2023. [130] On February 5, 2009, Rite Aid announced that it would terminate operations of seven Rite Aid stores in San Francisco, along with five stores in eastern Idaho through a sale to Walgreens. [131] Founder Alex Grass died of cancer on August 27, 2009. [132]

2010–2019

In June 2010, John Standley was promoted from chief operating officer to chief executive officer, with former CEO Mary Sammons retaining her position as chairperson; [133] Ken Martindale, previously co-president of Pathmark, was named chief operating officer. [134] In April 2013, Jean Coutu Group sold 72.5 million of its shares in Rite Aid to the company. [135] In July 2013, Coutu Group sold its remaining shares of Rite Aid. [136]

Interior of a Rite Aid store in San Ramon, California, in March 2017 Rite Aid, San Ramon, CA 10 2017-03-04.jpg
Interior of a Rite Aid store in San Ramon, California, in March 2017

In February 2015, Rite Aid purchased EnvisionRx, a pharmacy benefit manager, which owns subsidiary PBMs MedTrak, Connect Health Solutions, and Smith Premier Services. [137] [138] On October 27, 2015, Walgreens Boots Alliance announced that it expected to acquire Rite Aid for $9.4 billion, pending shareholder and regulatory approval. [139] The combined company would have been the largest pharmacy chain in the United States, reportedly controlling 46% of the market. [140] Walgreens planned to keep the Rite Aid name on existing stores if the deal went through, although the company's long-term plans for the Rite Aid name were unknown. [141]

Most analysts expected that the merger would close by the end of 2016 and it was initially delayed by regulatory review. [142] It was announced on December 21, 2016, that addressing antitrust concerns, Rite Aid would sell 865 stores to Fred's of Memphis, Tennessee for $950 million, [143] though the Federal Trade Commission (FTC) was dissatisfied with the proposal and requested the sale of 650 additional stores. [144] In January 2017, Rite Aid and Walgreens further delayed the merger's closing to July and reduced the sale price to approximately $6.8 billion. [144] 1199SEIU United Healthcare Workers East, a labor union representing 6,000 Rite Aid employees, announced its opposition to the merger on January 31. [145]

Rite Aid store in Rose Hill, Virginia in September 2018, before converting to a Walgreens location Aisles and goods in the Rose Hill Rite Aid.jpg
Rite Aid store in Rose Hill, Virginia in September 2018, before converting to a Walgreens location

On June 29, 2017, Walgreens announced the cancellation of the merger. Walgreens offered to purchase 2,186 Rite Aid stores, less than half of the chain, for $5.18 billion (plus a $325 million cancellation penalty), a deal which effectively would have Rite Aid exiting the southeastern United States. [146] [147] [148] Further negotiations led to a fourth revised deal, with Walgreens buying 1,932 Rite Aid locations for $4.38 billion, which was approved by the FTC on September 19. [149] The revised sale was completed on March 27, 2018, leaving Rite Aid with roughly 2,600 stores. [150] [151] Three distribution centers and related inventory were transferred beginning on September 1, 2018, and the majority of stores were rebranded as Walgreens. Most of the 600 stores which were closed were Rite Aid stores within a mile of an existing Walgreens. [152] [153] [154]

On February 20, 2018, Albertsons announced plans to acquire the remainder of Rite Aid, in a merger of equals, subject to shareholder and regulatory approval. [155] [156] On August 8, 2018, Rite Aid announced that the plan had failed to please shareholders and the proposed acquisition would be cancelled. [157] In June 2019, Rite Aid closed its last store in Bangor, Maine. [158]

2020–2025

In March 2020, a new Rite Aid logo featuring a blue and green color scheme was revealed. [159] In October 2020, Rite Aid announced the acquisition of the privately held Bartell Drugs, a 67-location Seattle-area chain, for $95 million. [160] [161] [162] Some customers criticized the acquisition with reports of heavy staff turnover and computer system glitches. [163]

In 2022, Rite Aid relocated its headquarters from East Pennsboro Township, Pennsylvania [164] (near Camp Hill), to Philadelphia. [165] [166] By fiscal year 2022, Pennsylvania, with 494 stores, was home to the largest number of Rite Aid locations, followed by California and New York, with 487 and 281 respectively. [167] On October 4, 2023, Rite Aid was told that it could be delisted from the New York Stock Exchange. [168] On October 16, 2023, the process of delisting Rite Aid from the New York Stock Exchange commenced. [169]

First bankruptcy

On August 25, 2023, Rite Aid announced that it was preparing to file for Chapter 11 bankruptcy protection within the coming weeks, in an effort to settle federal and state lawsuits over the company's role in the opioid crisis. Plans called for the potential closure of up to 500 underperforming locations nationwide. [170] [171] In October 2023, CreditRiskMonitor reported that Rite Aid was nearing a potential bankruptcy filing. [172]

On October 15, 2023, amid several opioid lawsuits and legal battles, Rite Aid and some of its affiliated debtors filed for Chapter 11 bankruptcy protection in the United States District Court for the District of New Jersey. The next day, the company was delisted from the New York Stock Exchange and commenced trading over the counter. [173] The company said in a statement it had secured $3.5 billion in financing and debt reduction agreements from lenders to keep the company afloat through its bankruptcy. Around 500 stores shuttered over the remainder of 2023. [174] On October 16, Rite Aid announced that 92 additional stores would either be shuttered or sold to other pharmacies. [175] On October 18, Rite Aid warned investors that it might not be able to survive its bankruptcy filing and might have to permanently shutter or sell all of its remaining stores over the next twelve months. [176] On the same day, the company announced the closure of 154 stores, and its stock closed at an all-time low of $0.13 per share. [177] [178]

As shown in the company's bankruptcy filings, its 2007 acquisitions, The Jean Coutu Group (PJC) USA Inc. (Jean Coutu's former U.S. subsidiary) and Eckerd Corporation, remain active in-name-only subsidiaries of Rite Aid, despite the conversions of Brooks and Eckerd to Rite Aid and Coutu's sale of its remaining shares in Rite Aid 10 years prior. [179] On October 19, competitor Walgreens agreed to pay $192.5 million in an effort to settle a lawsuit from Rite Aid investors accusing them that their executives misled them about their bid to acquire Rite Aid back in 2017. [180]

On November 16, Rite Aid sued the United States Department of Justice in an effort to block an opioid lawsuit that accused the company of ignoring warnings and falsely filed thousands of prescriptions for addictive opioid medications. [181] On November 21, a bankruptcy judge ordered Rite Aid to fully reorganize its operations by March 1, 2024. Rite Aid warned that if it failed to fully reorganize by the deadline, the company could face liquidation. [182] On November 29, Rite Aid announced the closure of 30 additional stores by December 2023. [183] On December 5, Rite Aid announced that 79 stores would be put up for sale. [184]

On December 19, Rite Aid agreed to a bankruptcy mediation with its opioid victims and creditors that would be supervised by the court. Rite Aid received a loan approval that would allow for the company to receive approximately $200 million. [185] That same day, Rite Aid announced that they had settled with the Federal Trade Commission over their AI-powered facial recognition technology, agreeing to a five-year ban to forbid using facial recognition technology in all of their stores after being accused of misusing the system for falsely identifying shoppers of race and color. The system was originally supposed to be used to identify shoppers likely involved in criminal activity. [186] In addition, Rite Aid announced the closure of 19 additional stores nationwide. [187]

On December 21, Rite Aid canceled an auction for its Elixir division after no other higher bids came in, selling the insurance-related company to MedImpact Healthcare Systems for approximately $575 million. [188] In June 2024, the Detroit Free Press reported that Rite Aid was preparing to close all remaining stores in Michigan. [189] Soon thereafter, the chain filed a WARN notice disclosing plans to close its Waterford, Michigan, distribution center in August 2024, laying off nearly 200 employees. [190] By August, the company had closed or announced the closure of 38% of its stores, amounting to 778 locations, [191] including all stores in Michigan and all but four in Ohio. [192] [193] In September 2024, Rite Aid announced that it was exiting bankruptcy, becoming a privately held company. Matt Schroeder, the former chief financial officer, was elevated to the CEO role. [16] [194] [195]

Second bankruptcy and closure

Map of Rite Aid stores as of January 2025 Rite Aid footprint 2025-01.svg
Map of Rite Aid stores as of January 2025

After a failed restructuring, on April 4, 2025, it was reported that Rite Aid was preparing to file for Chapter 11 bankruptcy for a second time, while looking into other options such as a possible sale of some or all of its assets. [196] On April 22, Rite Aid announced that it would be preparing to sell itself in multiple pieces as it had run low on cash. It was announced that the vast majority of stores were expected to be sold to the highest-paying bidders, whereas stores not sold would shut down. [197]

On May 5, 2025, Rite Aid filed for Chapter 11 bankruptcy for the second time in two years, listing assets and liabilities between $1 billion and $10 billion. Rite Aid stated that it would sell all of its assets and close all remaining pharmacies as part of the procedure, as it worked to overcome financial challenges such as debt, increased competition, and inflation. The company planned to eliminate all jobs after its failure to secure financing, as well as close or sell all of its remaining 1,200 locations. [198] Rite Aid claimed that it was unable to keep store shelves stocked at many of its locations due to lenders walking away from the company. [199] Later that month, it was reported that Rite Aid would close 115 stores in 10 states within weeks and that the last day to place bids for its pharmaceutical assets would be May 13, with auctions being held the next day. The last day to place bids for the company's remaining assets was June 13, with auctions being held on June 20. [200] On May 13, Rite Aid announced that the last day to use gift cards, coupons, and rewards, as well as the last day for returns and exchanges, would be June 5. [201] On May 14, Rite Aid announced more closures of stores. [202]

On May 15, Rite Aid sold pharmacy prescriptions at over 1,000 of its locations to many retailers, such as CVS Pharmacy, Walgreens, Albertsons, and Kroger. CVS Pharmacy was identified as the largest bidder, buying prescription files from 600 locations in 15 states, as well as purchasing 64 Rite Aid stores in the states of Idaho, Oregon, and Washington. [203] [204] The sale was approved on May 21. [205] [206] On May 16, Rite Aid announced the closure of 27 more locations. [207] [208] By May 27, 360 locations were slated to close. Rite Aid stated the company was unable to find buyers for prescriptions at these locations. [209] On May 29, Giant Eagle acquired pharmacy prescription files from 78 Rite Aid locations in Pennsylvania and Ohio. [210] By June 6, more than 800 locations had been closed since October 2023. [211] On June 9, another 230 stores were reported to be closing. [212] On June 27, 2025, Rite Aid received court approval to sell its Thrifty PayLess and Thrifty Ice Cream subsidiaries to the privately held company Hilrod Holdings for $19.2 million. Hilrod Holdings is managed by Hilton Schlosberg and Rodney Sacks, top executives for Monster Beverage. [213] On July 6, 2025, it was reported that 114 more stores would be closing, bringing the total count of closures over 1,000. As of July 2025, 1,184 Rite Aid stores that were open before the company's second bankruptcy have either closed or are conducting liquidation sales, leaving only 56 stores still operating; the fate of those stores had not been announced yet. [214] On August 31, Rite Aid announced 27 more store closures in September. [215]

On October 3, 2025, Rite Aid announced it had closed the remaining 56 stores and would liquidate all remaining assets. [216] Two locations in Bainbridge Island, Washington and Bend, Oregon were listed as the last operating Rite Aid locations, with CVS Pharmacy taking over both locations after September 29, 2025. [217]

Finances

For the second quarter of 2022, Rite Aid reported basic[ clarification needed ] and diluted earnings of -1.86 per share significantly down from prior quarters' report of -0.24 per share. [218]

YearRevenue

in thousands USD$

Net income

in thousands USD$

Total assets

in thousands USD$

EmployeesStores
200516,715,598302,4785,932,58371,2003,356
200617,163,0441,273,0066,988,37170,2003,323
200717,399,38326,8267,091,02469,7003,333
200824,326,846−1,078,99011,488,023112,8005,059
200926,289,268−2,915,4208,326,540103,0004,901
201025,669,117−506,6768,049,91197,5004,780
201125,214,907−555,4247,555,85091,8004,714
201226,121,222−368,5717,264,38590,0004,667
201325,392,263118,1056,985,03889,0004,623
201425,526,413249,4146,860,67289,0004,587
201526,528,3772,109,1738,777,42589,0004,570
201630,736,657165,46511,277,01090,0004,561
201732,845,0734,05311,593,75288,0004,536
201821,528,968−349,5328,989,32760,8002,550
201921,639,557−666,9547,591,36753,1002,464
202021,928,390−469,2199,452,369
202124,043,240−100.072,451
202224,568,260−538,4782,229
202324,091,900−749,9362,102

[219]

Customer loyalty and rewards programs

The Wellness+ card was Rite Aid's free shopping rewards card. Launched nationwide on April 18, 2010, it became a part of the American Express-backed Plenti rewards program in May 2015, in which customers would earn Plenti points with each purchase. Rite Aid returned the Wellness+ program on January 1, 2018, with Wellness+ BonusCash redeemable at Rite Aid stores, ahead of Plenti's shutdown and bankruptcy on July 10, 2018.

Rite Aid's rewards programs were ended on June 5, 2025, as part of its closure and second and final bankruptcy. [201]

Partnerships

General Nutrition Centers (GNC) and Rite Aid formed a partnership in January 1999, adding GNC stores-within-stores at roughly 1,500 Rite Aid pharmacies. [220] [221] A partnership with Drugstore.com in June 1999 allowed customers of Rite Aid to place medical prescription orders online for same-day, in-store pickup.

Amazon announced in June 2019 that Amazon shoppers would be able to pick up their purchases at designated counters inside more than 100 Rite Aid stores across the US. The new service is called Counter [222] and launched in the U.S. after being used in the UK with the Next clothing chain and in Italy with Giunti Al Punto Librerie, Fermopoint, and SisalPay stores. [223]

In May 2022, Rite Aid partnered with Homeward, a rural home care startup. Under the partnership, Medicare-eligible customers have been directed to Homeward's clinical services and have access to Homeward mobile care units. [224]

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