• Rite Aid is closing stores in multiple states due to bankruptcy, including four in Oregon and one in Coalinga, California.
• The company has filed for Chapter 11 bankruptcy and is auctioning off most of its store locations.
• Rite Aid is working to transfer customer prescriptions to other pharmacies and aims to maintain pharmacy services during the restructuring.

Rite Aid has announced the closure of several stores in Oregon and California as part of its Chapter 11 bankruptcy restructuring. The company, which operates over 1,200 stores across 15 states, is auctioning off most of its locations and closing others. The closures are a result of financial challenges intensified by the changing retail and healthcare landscapes.

• What: Rite Aid is closing stores as a result of filing for Chapter 11 bankruptcy. The company is auctioning off most of its locations and closing underperforming stores.
• Who: Rite Aid, Rite Aid CEO Matt Schroeder, customers, Rite Aid associates, potential buyers of Rite Aid stores.
• When: Bankruptcy proceedings began on May 5. Closures are happening in the next few months. Reward points and gift cards in Coalinga will no longer be redeemed starting next month.
• Where: Coalinga, California; The Dalles, Portland, Klamath Falls, and Bend in Oregon. Rite Aid operates across 15 states.

Rite Aid's bankruptcy filing and subsequent store closures reflect the challenges faced by brick-and-mortar pharmacies in the current retail and healthcare landscape. The company's restructuring aims to ensure uninterrupted pharmacy services for customers and preserve jobs. The closure of stores in Oregon and California indicates a significant impact on local communities, requiring customers to transfer prescriptions to other pharmacies.

As we move forward, our key priorities are ensuring uninterrupted pharmacy services for our customers and preserving jobs for as many associates as possible.

Rite Aid's second bankruptcy and widespread store closures signal a critical juncture for the company, impacting customers, employees, and communities. While the company seeks to maintain pharmacy services during restructuring through potential sales of assets and prescription transfers, many locations may close, and disruptions are expected, especially in areas with limited pharmacy options. Job losses are anticipated, particularly at the corporate level, adding to the economic strain. The success of Rite Aid's efforts hinges on securing a buyer and navigating bankruptcy proceedings swiftly, as prolonged uncertainty could further erode customer trust and asset value. The closures reflect broader pressures in the retail pharmacy sector, including financial challenges, competition, and evolving consumer behavior. The future of Rite Aid remains uncertain, with the potential for liquidation if a suitable buyer cannot be found, potentially reshaping the pharmacy landscape. Gift cards and rewards programs will be discontinued, further affecting customers.