Philadelphia-based pharmaceutical retailer and drug store chain Rite Aid announced it had entered into Chapter 11 bankruptcy proceedings on Sunday, October 15, citing lower sales and impeding opioid lawsuits. The company has been operating in the red for the last six years with combined losses of $2.9 billion. Rite Aid announced a commitment of $3.45 billion in new financing while it undergoes restructuring.
The company operates more than 2,100 stores across 17 states on both coasts and has had trouble competing with larger rivals CVS and Walgreens and online retailers like Amazon. The company announced plans to close underperforming stores but has not issued a list of those stores as of publication.
Rite Aid operates one store on Boblett Street in Blaine along with five other stores across Whatcom County.
“We remain focused on serving our customers and communities, and we are grateful that they continue to choose our stores and pharmacies for their healthcare needs,” newly appointed CEO Jeffrey Stein wrote. “We thank our associates for their ongoing hard work and dedication, and we extend our gratitude to our partners, suppliers and vendors for their continued support.”
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