Rite Aid is Closing 53 More Stores - What You Need to Know

Is your local pharmacy on the chopping block? Rite Aid announces new closures – here's what you need to know.
Updated April 25, 2024
Fact checked
Rite Aid store

We receive compensation from the products and services mentioned in this story, but the opinions are the author's own. Compensation may impact where offers appear. We have not included all available products or offers. Learn more about how we make money and our editorial policies.

Rite Aid is shuttering 53 more stores in a new wave of closures. The company, which filed for bankruptcy in October 2023, said it is doing this as part of a plan aimed to address the company's high debt burden. The restructuring plan involved closing underperforming locations to reduce expenses and improve overall financial health.

Previously, Rite Aid announced closures in phases:

  • October 2023: An initial list of 154 stores were slated for closure.
  • November & January 2024: Additional rounds of closures were announced.
  • April 2024: The company announced it is shuttering another 53 stores across nine states.

If Rite Aid is your go-to store to save on everyday essentials, here’s a breakdown of what’s happening with the drug store and how it might impact you.

Earn cash back on everyday purchases with this rare account

Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!1

With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!

This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.

Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.

Apply for a Discover Cashback Checking account today

Rite Aid's road to bankruptcy: Financial struggles and mounting debt

jetcityimage/Adobe rite aid drug store and pharmacy

With a history dating back to 1962, Rite Aid has been a trusted name in pharmacy services.The company opened its first full-service pharmacy in Scranton, Pennsylvania, and grew to operate a network of roughly 1,700 locations across 16 states.

The company’s recent wave of store closures is a culmination of financial struggles that have been brewing for years.

In the months leading to bankruptcy, Rite Aid hemorrhaged money. Regulatory filings revealed a staggering net loss of over $1 billion, significantly higher than the previous year.

Massive debt burdens and fierce competition from larger rivals like CVS and Walgreens added to the company’s financial downturn.

Now as the company aims to streamline operations and emerge stronger financially, the closures can cause inconvenience for customers who rely on their local Rite Aid pharmacy.

Finding a new pharmacy

Tyler Olson/Adobe cosmetics area of a pharmacy with large number of skin and hair care products of different brands

If you rely on Rite Aid for your medications, you might be wondering if your local store is affected by the closures.

Unfortunately, Rite Aid isn't publicly sharing a list of closing stores. The best way to confirm your store's status is to call them directly.

Be prepared before your local Rite Aid closes

Reese/peopleimages.com/Adobe writing prescription at pharmacy

While Rite Aid says they'll try to transfer customers to nearby stores, the closures could still cause disruptions. The best way to find out for sure if your local Rite Aid is on the closure list is to contact them directly. You can call the store to check.

If your store is closing, gather all the necessary information about your prescriptions. This includes:

  • Medication names, dosages, and quantities
  • Doctor's name and contact information
  • Prescription numbers (if available)
  • Insurance information

Having this information readily available will streamline the transfer process to a new pharmacy.

  • Research nearby pharmacies and compare factors like location, hours of operation, and most importantly, if they accept your insurance plan. Consider online reviews to get a sense of customer service and wait times.
  • Once you've chosen a new pharmacy, talk to your current Rite Aid pharmacist about transferring your prescriptions. They can initiate the transfer process electronically or provide you with a paper transfer form to bring to your new pharmacy.
  • Set up automatic refill reminders for your prescriptions at your new pharmacy. This will help ensure you don't run out of medication unexpectedly.

By taking these steps proactively, you can minimize disruption to your healthcare routine and ensure a smooth transition to a new pharmacy, even if your local Rite Aid closes.

Get a protection plan on all your appliances

Did you know if your air conditioner stops working, your homeowner’s insurance won’t cover it? Same with plumbing, electrical issues, appliances, and more.

Whether or not you’re a new homeowner, a home warranty from Choice Home Warranty could pick up the slack where insurance falls short and protect you against surprise expenses. If a covered system in your home breaks, you can call their hotline 24/7 to get it repaired.

For a limited time, you can get your first month free with a Single Payment home warranty plan.

Get a free quote

Bottom line

sofiko14/Adobe Male pharmacist

Remember, taking charge of your healthcare needs is important, especially during times of change. By staying informed and exploring your options, you can avoid making mistakes, like accidentally overpaying for prescriptions, and ensure a smooth transition to a new pharmacy

Editor's Note: Generative AI tools helped write this story.

Discover®️ Cashback Debit Benefits

  • Earn 1% cash back on up to $3,000 in debit card purchases each month1
  • No minimum deposit, no minimum balance, and no account fees
  • Access your paycheck up to 2 days early with Early Pay
  • 60K+ fee-free ATMs and make cash deposits at Walmart stores nationwide

Author Details

Maneesha Tiwari With more than seven years of experience managing content and editorial teams, Maneesha is passionate about news and how to help her audience navigate the ever-changing landscape of personal finance. She previously served as a journalist for Reuters, where she covered the stock market.

Want to learn how to make an extra $200?

Get proven ways to earn extra cash from your phone, computer, & more with Extra.

You will receive emails from FinanceBuzz.com. Unsubscribe at any time. Privacy Policy

  • Vetted side hustles
  • Exclusive offers to save money daily
  • Expert tips to help manage and escape debt