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Published on April 09, 2024
Philadelphia and Delaware Valley Rite Aid Stores to Close Amid Bankruptcy and Opioid LawsuitsSource: Google Street View

Philadelphia's Rite Aid stores are facing a drastic downsize as the pharmacy chain has now earmarked seven more local spots to close their doors in May, following its recent bankruptcy filing. The additional closures will hit multiple neighborhoods, with two in Philadelphia, one in Exton, one in Bethlehem, one in Pottsville, and one just across state lines in Pennsauken, NJ, according to 6abc.

Rite Aid's financial turmoil has five more stores in the Delaware Valley that will soon cease to operate, as reported by FOX 29. These latest shutdowns are part of a broader contraction strategy by the drugstore company, which has been working to financially restructure under the pressure of a $4 billion debt load and the fallout from over 1,600 lawsuits about its handling of opioid prescriptions. To keep their doors open, Rite Aid aims to strategically close underperforming stores.

Rite Aid's presence in Philadelphia and surrounds is shrinking, yet even with the closures, it still operates approximately 450 stores in the Pennsylvania and New Jersey areas. However, not without consequences for some communities; as some locals have voiced their concerns stating that the closures have left them feeling abandoned, struggling to get prescriptions filled, a hardship felt most keenly by seniors without access to transportation, as per Inquirer.

Despite the downsizing and financial challenges, Rite Aid remains optimistic about continuing its operations. "We are open for business and it will be business as usual," Rite Aid attorney Joshua Sussberg tried to reassuringly state at an October bankruptcy hearing, signaling that the company's strategy might be to hunker down and streamline to stave off further financial decline.