Final days until Rite Aid closes down another store after 25 shutters - and CFO warns more are to co

TIMES are getting tough as Rite Aid is set to shutter another location.

The pharmacy chain is closing down a store in Pennsylvania in just days.

The store is located in Fayetteville at 5035 Lincoln Way East.

"A decision to close a store is one we take very seriously and is based on a variety of factors including business strategy, lease and rent considerations, local business conditions and viability, and store performance," Rite Aid told The U.S. Sun in a statement.

"We review every neighborhood to ensure our customers will have access to health services, be it at Rite Aid or a nearby pharmacy, and we work to seamlessly transfer their prescriptions so there is no disruption of services."

The final day is set for Monday, August 28.

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Just four Rite Aid's will remain open in Franklin County after the Fayetteville location shutters.

Workers at the store will be transferred to other Rite Aid stores where possible, according to the company.

TOUGH TIMES FOR RITE AID

The move by Rite Aid comes after it forecasted that it would lose $700million this year.

That has forced the company to make decisions and close underperforming stores.

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So far, 25 stores have shuttered this year.

In July, Rite Aid, chief financial officer and executive vice president Matthew Schroeder warned that even more closures could come.

“I would expect us to continue to do that," he said in an earnings call.

"I don't have a number of store closures to give you, but it's certainly something we're going to continue to look at as we think about just how do we drive as much profitability as we can while still maintaining the presence in communities and providing access to our customers and communities.”

The 25 stores add to the 145 the drug store chain closed in 2022.

The U.S. Sun has reached out to Rite Aid for comment.

MORE STRUGGLES

But Rite Aid is far from the only retailer struggling in this environment.

The rise of online sales has caused issues for stores that have a big brick-and-mortar presence.

Rival CVS is even taking it a step further than Rite Aid when it comes to shutdowns.

In late 2021, CVS announced under its "retail footprint strategy" to close roughly 300 stores per year until 2024.

This year, the pharmacy chain has closed at least a dozen stores.

One of its latest included its Brookfield, Illinois location.

And another two locations in Texas and California were scheduled to shut down this month.

Walgreens has been affected, as it closed multiple stores in May.

This includes one in Syracuse, New York, and another in Dundalk, Maryland.

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For more related stories, Christmas Tree Shops has closed all of its remaining stores.

And Burger King is looking to close a further 400 underperforming restaurants this year.

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