In 2023, about one impartial pharmacy closed each day, and comparable numbers are anticipated for this yr in accordance with the Nationwide Group Pharmacists Affiliation.
Ceremony Help has filed for chapter for the second time in lower than two years.
The drug retailer chain introduced Chapter 11 proceedings on Monday, stating in a press launch that they’re “pursuing a strategic and value-maximizing sale process for substantially all of its assets.”
“For more than 60 years, Rite Aid has been a proud provider of pharmacy services and products to our loyal customers,” Matt Schroeder, Chief Govt Officer of Ceremony Help, stated in a press release.
Ceremony Help’s earlier restructuring decreased the U.S. pharmacy chain’s debt however failed to handle its long-term enterprise challenges of inflationary pressures and elevated competitors by pharmacy chains Walgreens, CVS, Walmart and Amazon.
RITE AID TO CLOSE OVER TWO DOZEN STORES AMID BANKRUPTCY PROCEEDINGS
A person retailers inside a Ceremony Help retailer beneath a DeepCam safety digital camera in New York Metropolis, New York, U.S., June 25, 2020. (Lucas Jackson / Reuters)
“While we have continued to face financial challenges, intensified by the rapidly evolving retail and healthcare landscapes in which we operate, we are encouraged by meaningful interest from a number of potential national and regional strategic acquirors. As we move forward, our key priorities are ensuring uninterrupted pharmacy services for our customers and preserving jobs for as many associates as possible,” Schroeder stated.
RITE AID FILES FOR BANKRUPTCY, APPOINTS NEW LEADERSHIP IN FINANCIAL RESTRUCTURING INITIATIVE
Drug retailer chain Ceremony Help introduced Chapter 11 chapter proceedings on Monday, Might 5, 2025. (Michael M. Santiago / Getty Photos)
The pharmacy chain enters its second chapter with a smaller retail footprint. It operated about 2,000 pharmacies in 2023 however now has only one,240 shops throughout the USA with latest closures considerably lowering its presence in markets equivalent to Ohio and Michigan.
Ceremony Help introduced submitting for chapter for the second time in two years on Monday. (Angus Mordant/Bloomberg / Getty Photos)
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The corporate stated that “customers can continue to access pharmacy services and products in stores and online, including prescriptions and immunizations.”
Moreover, Ceremony Help workers “will continue to receive pay and benefits” whereas transferring buyer prescriptions to different pharmacies, the corporate stated.
Reuters contributed to this report.
