Greater Long Island coverage is funded in part by Toresco & Simonelli, a boutique injury and family law firm in West Islip. They fight for their clients. Click here to learn more and to get in touch.
Rite Aid shoppers across New York will need to find a new pharmacy soon.
The company is closing all 178 of its stores statewide starting in June, according to multiple news reports and a letter sent to employees this week by CEO Matthew Schroeder.
The move follows a second Chapter 11 bankruptcy filing by the company in less than two years.
Layoffs are expected to begin June 4.
In a press release issued May 5, Rite Aid said it is pursuing a “strategic and value-maximizing sale process” of nearly all its assets. The company has secured $1.94 billion in new financing to keep operations going during the sale and restructuring process.
“For more than 60 years, Rite Aid has been a proud provider of pharmacy services and products to our loyal customers,” Schroeder said in a statement. “As we move forward, our key priorities are ensuring uninterrupted pharmacy services for our customers and preserving jobs for as many associates as possible.”
The company said it will work to transfer prescriptions to nearby providers as stores begin to close.
Rite Aid has struggled in recent years with declining sales, increased competition, and a wave of lawsuits tied to its alleged role in the opioid crisis.
The company previously filed for bankruptcy in October 2023, which led to the closure of hundreds of locations and the sale of its pharmacy benefits arm, Elixir Solutions.
Rite Aid currently operates about 1,250 stores nationwide, down from over 2,000 two years ago.
Top: The Rite Aid store at 803 Montauk Highway in Shirley. (Credit: Nick Esposito)
