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Rite Aid bankrupt
Posted: Mon Oct 16, 2023 9:30 am
by bmw
On Thursday, it filed a notice to the US Securities and Exchange Commission saying it would be unable to file its latest quarterly financial report because it was looking at “strategic alternatives,” which is Wall Street speak for “considering bankruptcy.” In that filing, the company said it expected its losses would increase significantly in the past quarter, which is saying something, considering it lost about three quarters of a billion dollars between March 2022 and March 2023 — and another $307 million between March and May this year. Over the past six years, Rite Aid has tallied nearly $3 billion in losses.
At the beginning of June, the last time the company filed a financial report, Rite Aid had just $135.5 million of cash on hand -— and $3.3 billion in long-term debt, which exceeded the value of the company’s assets by nearly $1 billion. With rising interest rates, that debt wasn’t cheap to finance.
https://www.cnn.com/2023/10/15/business ... index.html
The article goes on to say that they're going to stay in business as they've secured $3.5 billion in financing and debt reduction. Who in their right mind would lend that kind of money to a company that at the moment is losing a billion dollars a year?
Re: Rite Aid bankrupt
Posted: Mon Oct 16, 2023 10:56 am
by craig11152
Once upon a time their stock hit $1000 plus a share for a brief period back in 1999.
Re: Rite Aid bankrupt
Posted: Mon Oct 16, 2023 11:01 am
by Deleted User 15924
Kinda funny. Rite Aid is the closest drug store to my house. I rarely ever go in there. I'll drive another mile to the Walgreens. No particular reason.
Re: Rite Aid bankrupt
Posted: Mon Oct 16, 2023 11:42 am
by craig11152
Does this mean my flu shot is no good?
Re: Rite Aid bankrupt
Posted: Mon Oct 16, 2023 11:48 am
by zzand
Can't remember the last time I was in one. I go to Kroger for prescriptions and Walmart for anything else.
Re: Rite Aid bankrupt
Posted: Mon Oct 16, 2023 4:09 pm
by ZenithCKLW
Rite Aid is down the street from my house. It's not my favorite, but when I need to deal with prescriptions, all the other pharmacies are out of my way, and I'm likely already frustrated or feeling like crap if I have a prescription, so proximity wins.
Re: Rite Aid bankrupt
Posted: Mon Oct 16, 2023 4:31 pm
by kager
Some years ago, there was a deal in place for Walgreens to buy out a large number of Rite Aid stores, but I believe that deal was terminated.
All of the big 3 brick and mortar pharmacies - CVS, Walgreens, Rite Aid & their subsidiaries - are shuttering stores right now. Competition from in-store pharms (like Target, and the aforementioned Kroger, amoungst others), as well as mail-order (w/Amazon expected to join that fray) are cutting in.
Re: Rite Aid bankrupt
Posted: Mon Oct 16, 2023 4:49 pm
by Turkeytop
I read soewhere that Walgreens has been closing stores due to heavy losses from shoplifting.
Re: Rite Aid bankrupt
Posted: Mon Oct 16, 2023 5:23 pm
by TC Talks
I was in one for a passport photo last winter, it reminded me of a K-Mart.
Re: Rite Aid bankrupt
Posted: Mon Oct 16, 2023 6:50 pm
by Mega Hertz
Bring back Arbor Drugs. Bringing back William Schallert would be nice but I don't think that will happen.
Re: Rite Aid bankrupt
Posted: Mon Oct 16, 2023 7:04 pm
by TC Talks
Why? I don't get Drug Stores.
Pharmacies and Dollar General is all we need
Re: Rite Aid bankrupt
Posted: Mon Oct 16, 2023 7:55 pm
by radioandtventhusiast
Rite Aid has closed a few of their stores in Toledo as of late.
I tend to use Kroger for my pharmacy needs.
Re: Rite Aid bankrupt
Posted: Tue Oct 17, 2023 10:50 am
by Deleted User 15924
ZenithCKLW wrote: ↑Mon Oct 16, 2023 4:09 pm
Rite Aid is down the street from my house. It's not my favorite, but when I need to deal with prescriptions, all the other pharmacies are out of my way, and I'm likely already frustrated or feeling like crap if I have a prescription, so proximity wins.
Now that I've had time to ponder it, I remembered why I don't use the Rite Aid by me. The pharmacy closes for lunch for an hour. And the pharmacy has shorter hours than other places.