As pharmacy deserts crop up across western Washington, a large chain is biting the dust.
Rite Aid CEO Matthew Schroeder briefed employees Monday that all stores would either close or be sold as the company files for bankruptcy, Bloomberg reported.
The media outlet stated funding from investors fell short, and the company faced a series of economic issues, including tariffs, more expensive supply costs, pricier landlords, and what Schroeder called a “dramatic downturn in the economy.”
According to the court filing, as posted on Kroll, to support Rite Aid during bankruptcy, the company secured commitments from lenders to access nearly $2 billion to carry out operations, including employee wages and welfare benefits. In the meantime, customers will still have access to pharmacy services as the company works to transfer prescriptions to other pharmacies.
Bloomberg noted this will mark the second bankruptcy filing for Rite Aid in less than three years, adding the company did not respond for comment.
The Seattle area has watched as a series of Bartell Drugs, owned by Rite Aid, closed one by one. Most recently, the flagship Bartells in Seattle’s University Village shuttered its doors in January—impacting hundreds of nearby students.
“Rite Aid regularly assesses its retail footprint to ensure we are operating efficiently while meeting the needs of our customers, communities, associates, and overall business,” Rite Aid wrote in a statement to MyNorthwest. “While we have had to make difficult business decisions over the past several months to improve our business and optimize our retail footprint, we are committed to becoming financially and operationally healthy.”
The company stated it considers factors such as business strategy, lease and rent considerations, local business conditions, viability, and performance when deciding to close a store.
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