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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.
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?
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.
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.
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.
I was in one for a passport photo last winter, it reminded me of a K-Mart.
For Kristian Trumpers are not serving our Lord Christ, but their own appetites. By smooth talk and flattery they deceive the minds of naive people.
-Romans 16:18
For Kristian Trumpers are not serving our Lord Christ, but their own appetites. By smooth talk and flattery they deceive the minds of naive people.
-Romans 16:18
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.
