In October of 2013, Rite Aid announced that it would be closing 150 stores nationwide. This announcement came just weeks after the company reported disappointing earnings and after reports that it was in talks to sell itself.
The closures came as a surprise to many as the company had been predicting that they would only close 15 stores. .
Many analysts attributed the closures to the high cost of prescription drugs, the weak economy, and the increasing popularity of online shopping. Rite Aid had been one of the first major retailers to offer prescription drugs over the internet, and this strategy may have made it more difficult for the company to compete with online pharmacies.
In addition, the weak economy made it difficult for people to afford to shop at traditional stores.
The closures of Rite Aid caused significant economic damage to the company and its employees. The company laid off approximately 3,000 employees, and many of these employees were able to find new jobs quickly. However, many of the employees who were laid off were not able to find new jobs quickly and were left unemployed.
The closures also caused significant damage to the communities in which the stores were located. Many of the stores were located in areas that were already struggling economically, and the closures made it even harder for these communities to rebound.
The closures of Rite Aid were a major disappointment for the company and its shareholders. The closures caused significant damage to the company, its employees, and its communities, and they were not able to rebound as quickly as many analysts had predicted.
The closures came as a surprise to many, and it is likely that this will be remembered as one of the biggest mistakes that Rite Aid has made.
