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Rite Aid to Close Over 470 Stores as CVS Acquires 625 Pharmacies and Shuts 271 Outlets

Rite Aid secured $1.94 billion in financing to support its planned sale of assets after a second Chapter 11 filing.

People walk outside a Rite Aid store on December 21, 2022 in Los Angeles, California.
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Overview

  • Rite Aid’s May 30 bankruptcy filing added 111 more store closures, bringing the total marked for shuttering over the past month to more than 470 locations across 12 states.
  • The chain has arranged $1.94 billion in debtor-in-possession financing and scheduled its remaining asset auction with bids due June 18 and an auction on June 24.
  • CVS is set to acquire 625 Rite Aid pharmacies in 15 states plus 64 full-store locations in the Pacific Northwest, pending approval from a New Jersey federal bankruptcy court.
  • As part of its enterprise-wide restructuring, CVS will close 271 underperforming stores in 2025—including five in New York—while planning to open 30 new pharmacies inside Target stores.
  • Analysts say these moves highlight accelerating consolidation in the retail pharmacy sector driven by shifting consumer behavior, rising costs and online competition.