Rite Aid Shutting Down All Stores After Many Years

According to a recent update on the company's website, Rite Aid has announced the closure of all its branches.

"All our stores are now permanently closed. We extend our gratitude to our loyal patrons who supported us through the years," stated a message found on the site.

CBS News attempted to get a statement from Rite Aid over the weekend.

Previously, in October 2023, Rite Aid made another significant organizational change. The restructuring was aimed at decreasing the company's debt and managing legal claims fairly.

The firm secured $3.45 billion in new funding as part of its plan to restructure. This plan was critical due to falling sales figures and issues related to opioid lawsuits.

Since the bankruptcy declaration in October 2023, more than 520 Rite Aid locations have shut down, marking the closure of roughly a quarter of the 2,111 pharmacies they operated.

The company faced allegations that it breached both the False Claims Act and the Controlled Substances Act. They were accused of improperly dispensing medications such as oxycodone, fentanyl, and benzodiazepines without adequately considering warning signs regarding the prescriptions.

The website, now offering a service to guide former clients to new pharmacies and a section for retrieving pharmacy records, reflects the company's closure.