Rite Aid has plans to close all of their locations in New York State by next month. A letter was sent out to employees by the CEO Matthew Schroder.
According to reports, the letter revealed to employees that their last day will be on June 4th, however a spokesperson for the company said that they are still in the “process of selling its stores and assets and all locations will not necessarily close next month.” The spokesperson also said that some of their stores could be acquired by another company to remain open.
In another letter, Schroder said that the decision to close all of the locations is due to the rapid change in healthcare and retail, saying “the dramatic downturn in the economy, potential litigation, and increased costs (including tariffs) from our suppliers and landlords have necessitated employee separations that were unforeseen, as we were actively seeing funding and pursuing several alternative strategic transactions with the hope that this action could be avoided or postponed.”
There currently 73 pharmacies located across the Western New York, with 13 of those stores located in Buffalo. Among the letters to employees, Schroeder released a statement that said, “For more than 60 years, Rite Aid has been a proud provider of pharmacy services and products to our loyal customers. While we have continued to face financial challenges, intensified by the rapidly evolving retail and healthcare landscapes in which we operate, we are encouraged by meaningful interest from a number of potential national and regional strategic acquirors.”
The statement continued, “As we move forward, our key priorities are ensuring uninterrupted pharmacy services for our customers and preserving jobs for as many associates as possible. I will be forever grateful to our thousands of associates for their commitment to Rite Aid and its mission, and I thank our entire team – from store associates to corporate employees – for their dedication to our customers and our company. With their support, we have played a critical role in supporting the healthcare needs of countless Americans across the communities that we are honored to serve.”
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