Rite Aid Corporation is a major pharmacy retailer in the United States. It was founded in 1962 and is headquartered in Tewksbury, Massachusetts.
As of 2017, it operates 2,466 stores across the country.
In June 2018, it was announced that Rite Aid would be closing 1,178 stores nationwide. This marks the largest ever round of store closures for the company. The company has struggled to compete in a marketplace dominated by Walmart, Amazon, and other large retailers. In 2017, Rite Aid reported a net loss of $4.8 billion.
The company has faced increasing competition from online pharmacies and discount retailers. In November 2018, Rite Aid announced it would be selling itself to Walgreens for $17.2 billion. The deal is expected to be completed in late 2019.
In spite of the recent closures, Rite Aid remains in business. The company has announced plans to sell itself to Walgreens, which should stabilize the business and allow it to continue to operate stores.
However, the company’s long-term viability is uncertain, and it faces significant challenges in the marketplace.
