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Pharmacy chain Ceremony Help closed all of its areas after submitting for chapter twice in lower than two years.
The retailer posted a short announcement on its web site.
“All Rite Aid stores have now closed,” the positioning states. “We thank our loyal customers for their many years of support.”
The web site gives former clients their pharmacy and immunization historical past, in addition to help with discovering pharmacies that their prescriptions had been transferred to.
RITE AID FILES FOR BANKRUPTCY FOR SECOND TIME IN LESS THAN 2 YEARS
Prospects inside a Ceremony Help retailer in New York, US, on Monday, Oct. 16, 2023. (Bing Guan/Bloomberg by way of Getty Photographs / Getty Photographs)
The pharmacy chain operated within the U.S. for greater than 60 years. The corporate had alternatives to merge with Walgreens in 2017 and Albertsons in 2018, however rejected each, in accordance with Investopedia.
Again in 1987, Ceremony Help was the most important drug retailer chain within the U.S. with greater than 2,000 shops, in accordance with the monetary media web site.
RITE AID FILES FOR BANKRUPTCY: WHAT’S NEXT FOR ITS STORES
A Ceremony Help retailer in Oak Park, Michigan, US, on Wednesday, July 31, 2024. (Emily Elconin/Bloomberg / Getty Photographs)
The pharmacy chain was pushed to file for chapter safety in 2023 attributable to mounting debt and sluggish gross sales from heightened competitors coupled with tons of of lawsuits related to its position within the opioid disaster. Ceremony Help rapidly initiated a retailer optimization plan that concerned instantly closing 154 of its 2,284 shops.
Over the course of the restructuring, Ceremony Help closed tons of of further shops, leaving it with a footprint of about 1,245 areas by the point of its second chapter submitting in Could 2025.
An individual leaves a Ceremony-Help on October 16, 2023 within the Crown Heights neighborhood of the Brooklyn borough of New York Metropolis. (Michael M. Santiago / Getty Photographs)
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Its first restructuring diminished the U.S. pharmacy chain’s debt, though it nonetheless had $2.5 billion in liabilities when it emerged as a non-public firm owned by its lenders in 2024. The corporate additionally failed to handle its long-term enterprise challenges of inflationary pressures and elevated competitors by pharmacy chains Walgreens, CVS, Walmart and Amazon.
FOX Enterprise’ Daniella Genovese contributed to this report.
