National drugstore has shut most of its stores in Ohio and Michigan - bringing the total since announcing bankruptcy to nearly 800 across US

Rite Aid has now closed 772 stores since October 2023, representing complete a 3rd of nan astir 2,000 locations it operated earlier it fell into bankruptcy.

Michigan and Ohio are nan worst deed -  pinch an astonishing 3 successful 4 Rite Aids successful nan 2 states now shut. 

In nan past period alone, nan troubled drugstore has closed 189 shops crossed nan neighboring Midwest swing states. Locals fearfulness nan concatenation is readying itself to wholly time off nan area. 

After filing for Chapter 11 bankruptcy protection successful October, Rite Aid announced it would initially shutter 154 underperforming stores crossed a twelve states. In nan 9 months since then, it has unopen an further 618.

One expert told ABC27 in September nan worst lawsuit script was that 700 stores would close, which Rite Aid has acold surpassed.

The concatenation has been facing a bid of challenges. 

Drugstores, generally, are struggling to compete pinch big-box chains and pinch Amazon, which launched its ain online-only drugstore successful 2020.

The astir caller closures came past week, pinch Rite Aid disclosing it will shape retired 10 stores successful Ohio and 20 stores successful Michigan, according to tribunal documents.

In fact, stores successful Ohio and Michigan dress up 43 percent of nan full closures truthful far, contempt those states not moreover being nan biggest markets for Rite Aid. 

This had led immoderate to beryllium concerned that these 2 states will person immoderate of nan largest drugstore deserts successful nan country. 

A Rite Aid pharmacist told an Ohio business diary past period that nan caller spate of closures will 'without a doubt' origin monolithic problems for susceptible populations who request a drugstore adjacent them.

'Some of nan Rite Aid locations are successful areas wherever location are not a batch of competitors aliases different options,' he told Crain's Cleveland Business. 

A awesome facet successful Rite Aid's ongoing bankruptcy is nan truth that it had been incapable to settee hundreds of costly lawsuits accusing nan institution of overprescribing opioids. 

But erstwhile Judge Michael Kaplan approved nan company's reorganization scheme precocious past month, 16 retired of nan 17 states' lawsuits complete its alleged negligence successful prescribing opioids were settled.

The 22,000 individuals who revenge opioid claims against Rite Aid will beryllium entitled to $250 to $500 payouts, Reuters reported.

The restructuring will besides trim indebtedness by $2 billion, chiefly financed by a group of Rite Aid's lenders.

It's unclear erstwhile Rite Aid will look from bankruptcy, but it plans to return pinch astir 1,300 stores total, a acold outcry from erstwhile it operated 5,059 locations successful 2008.

Neil Saunders, managing head of GlobalData, told DailyMail.com that nary 1 should expect Rite Aid to complaint backmost to wherever it erstwhile was successful 2008 - nan 3rd largest drugstore concatenation successful nan country.

'Rite Aid is hoping to get itself backmost onto a patient financial footing, though it will look from bankruptcy arsenic a overmuch smaller business pinch acold less stores,' Saunders said.

DailyMail.com approached Rite Aid for remark but didn't person an contiguous response. 

Walgreens, nan 2nd largest drugstore successful nan US down CVS, is grappling pinch its ain financial troubles, announcing past period it would close a 'significant' number of its 8,700 US stores.

The wide 'retail apocalypse' that has seen brick-and-mortar stores struggle to combat rampant theft and progressively tight margins is surely not contained to drugstores.

By nan extremity of April, US retailers had announced the closure of almost 2,600 stores successful 2024.  

Walmart, nan largest retailer successful nan US, has unopen 11 truthful acold this year.

Earlier successful April, dollar shop 99 Cents Only said it will shutter ALL its 371 shops, while Best Buy closed ten in March. 

Dollar Tree is closing 1,000, Macy's 150 - a 3rd of its full - and supplier shop Rite Aid 77.   

In caller months, location has been a spate of bankruptcies adding to shop closures, including home and furnishings retailer Conn's. 

National java and upmarket market chain Foxtrot besides said  astatine nan commencement of April it will unopen all its stores pinch contiguous effect - leaving unit and customers stunned.

Express - a promenade staple - revenge for bankruptcy successful April and said it would unopen 95 Express outlets alongside each of its UpWest stores.    

At nan commencement of May, Rue21 - nan teen manner concatenation that is simply a fixture successful malls crossed America -  also said it will unopen all  its 543 US stores.