Rite Aid Closes Shop

Rite Aid has shuttered all remaining stores, the company revealed Friday. The announcement ends a 63-year run for what was once the US’ third-biggest pharmacy chain.

Rite Aid’s history dates back to 1962, when distributor Alexander Grass opened a drugstore in Scranton, Pennsylvania. Within several years, there were dozens of locations, and Grass renamed the chain from “Thrif D Discount Center” to “Rite Aid.” At its height, Rite Aid operated over 5,000 stores and was known for its popular Thrifty Ice Cream brand, but it was accused of complicity in the opioid epidemic and accumulated over $4B in debt. The company filed for Chapter 11 bankruptcy (see 101) twice in two years—the first time in October 2023, and again in May. 

Most of Rite Aid’s locations were purchased by competitors CVS Pharmacy, Walgreens, Albertsons, and Kroger. Customers can use the website to find a different pharmacy and transfer their prescription history.