A Rite Aid store. Credit: Shutterstock
Rite Aid is getting closer to selling or shutting down about 1,245 of the pharmacies it had when it filed for Chapter 11 bankrutpcy court protection in May.
The company filed a new list of stores that may close down with the bankruptcy court Thursday.
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There are now about 496 stores on all of the lists combined.
The bankruptcy court approved bids by CVS Health's CVS Pharmacy unit for 689 Rite Aid stores in May, and Rite Aid said it was in talks with companies such as Walgreens, Albertsons, Kroger and Giant Eagle.
The lists of pharmacies about to close may include some that will be bought, and it may include some that were part of sale discussions that failed to close.
Rite Aid said it was closing because changes in the prescription drug market and consumer shopping patterns have hurt its operations.
What it means: For patients, pharmacy closings mean another vacant storefront and confusion about what will happen to their prescriptions for chronic conditions.
For employers and benefits advisors, the Rite Aid bankruptcy adds to worries that more workers may end up living in "pharmacy deserts," or markets poorly served by pharmacies.
Related: 5 worst U.S. pharmacy deserts
Researchers estimated in 2024 that 61 million U.S. residents were living in pharmacy deserts and that 30 million were living in markets with just one pharmacy.
The process: Bids from bidders for Rite Aid assets were due May 13, and bids for other Rita Aid assets are due June 18.
Court filings list Gordon Brothers Retail Partners, GA Group and Tiger Capital Group as the national liquidation firms.
The liquidators can use signs, hanging signs and workers who walk around wearing signs, according to court filings.
The liquidators may not use neon on the sign walkers, displays, hanging signs and interior banners.
Liquidation sales can take place on Sundays only at locations that were already open on Sundays before the liquidation process began.
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Allison Bell
Allison Bell, a senior reporter at ThinkAdvisor and BenefitsPRO, previously was an associate editor at National Underwriter Life & Health. She has a bachelor's degree in economics from Washington University in St. Louis and a master's degree in journalism from the Medill School of Journalism at Northwestern University. She can be reached through X at @Think_Allison.
