Rite Aid announced Tuesday it is closing another 63 stores to save about $25 million per year.

[watchfulwaiting1957]

New York (CNN Business)Rite Aid announced Tuesday it is closing another 63 stores to save about $25 million per year.
After years of overexpansion, Rite Aid and other giant American pharmacy chains have struggled. They've been closing hundreds of stores over the past few years, despite the pandemic that has drawn people into pharmacies.

Add this to the more than 900 stores CVS is already closing.
CVS Health said it will close approximately 900 retail stores to align to evolving consumer needs.

The drugstore retailer plans to shutter around 300 stores a year for the next three years, beginning in the spring of 2022. CVS has around 9,900 locations currently.

Looks like it's rough waters going forward. Those RpH's laid off will face a saturated marketplace with declining salaries.

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[Sunshine98*]

23 million is actually nothing.....guessing it was in the works ages ago

 

[WorthlessOxygen]

Obviously any store closures are bad news but <2% of all locations isn't overly worrying. I do wish we had some information on which markets would be affected though.

 

[BC_89]

Intriguing -

I was actually just given a job offer from Rite-Aid upon graduation with a $10,000 student loan assistant enticement (I have no loans so not much of an enticement). I'll actually be meeting up with the regional pharmacy leader to discuss the details. This is in the NW section of the U.S.

I'm really wanting to meet up just to get a "feel" of what the offer is and how the company is holding up (although this shows a small cut-back, it's still worth mentioning in my meet-up).

 

[APN-59 rph]

Intriguing -

I was actually just given a job offer from Rite-Aid upon graduation with a $10,000 student loan assistant enticement (I have no loans so not much of an enticement). I'll actually be meeting up with the regional pharmacy leader to discuss the details. This is in the NW section of the U.S.

I'm really wanting to meet up just to get a "feel" of what the offer is and how the company is holding up (although this shows a small cut-back, it's still worth mentioning in my meet up.

I'm just free associating here ....might or might not apply...Wouldn't surprise me if they had a management spot down the line...outfits seem to like military experience depending on MOS etc. could be handy as the pharmacy trade deflates and less need for peeps flogging the actual pills.. And the whole pharmacist trade is going to deflate and probably a lot quicker than it inflated for various reasons..(ya don't have to build new school houses to deflate..or spin up a Pharm D program). And really..nothing I did behind the counter came close to the responsibility..hazard..fear etc. of being a G.I. and for a third less pay. 25 mil is nothing to a big chain ...that's why it smells like just the start..........For me the whole situation is like watching a slo mo car wreck...The "no loans" is good but I would not count on the behind the counter pharmacist biz for more than maybe 10 more years..maybe..