20 Feb, 2024
7 mins read

Walgreens And Rite Aid To Close Nearly 1,500 DrugsStores

Rite Aid, the third-largest pharmacy chain in the nation, finds itself grappling with a daunting $3.3 billion debt burden and impending settlements related to opioid lawsuits. Faced with these financial woes, the company is on the brink of bankruptcy. In an attempt to navigate these troubled waters, Rite Aid is considering closing between 400 to 500 of its 2,100 stores. However, bondholders are pushing for even more extensive closures. Last year, Rite Aid’s retail pharmacy segment raked in $17.8 billion in revenue and $288 million in adjusted EBITDA.