Rite Aid Exits Michigan
No more Mitten State for Rite Aid Corp.: The company is shuttering all of its locations in Michigan. Earlier this week, the drug store chain confirmed that one of the results of its bankruptcy filing and subsequent restructuring is a pullout in that Great Lakes market.
Rite Aid operated more than 186 stores in Michigan. Some stores have been closing on a rolling basis, but now, all of the sites will cease operations by the end of September.
RELATED: Rite Aid Restructuring Plan Approved, Slashes Debt
Nearly a year ago, Rite Aid officially sought bankruptcy protection and, in the months since, it has been restructuring its business. The retailer has faced other challenges, too, such as a data breach in July that involved some customers’ personal information.
In Michigan, other retail pharmacies, including Walgreens and CVS, have posted signs welcoming former Rite Aid customers to their stores. Those companies have been plagued by their own issues: For instance CVS recently lowered its outlook for the rest of the fiscal year, and Walgreens revealed that it expects to close up to 2,150 stores over the next three years.
Philadelphia-based Rite Aid operates approximately 1,700 retail pharmacy locations across 16 states. The company is No. 26 on The PG 100, Progressive Grocer’s 2024 list of the top food and consumables retailers in North America.
