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Rite Aid bankrupt

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bmw
Posts: 7749
Joined: Sun Dec 05, 2004 1:02 am

Rite Aid bankrupt

Unread post 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?
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craig11152
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Location: Ann Arbor

Re: Rite Aid bankrupt

Unread post by craig11152 »

Once upon a time their stock hit $1000 plus a share for a brief period back in 1999.
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Deleted User 15924

Re: Rite Aid bankrupt

Unread post 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.
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craig11152
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Re: Rite Aid bankrupt

Unread post by craig11152 »

Does this mean my flu shot is no good? :rollin
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zzand
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Re: Rite Aid bankrupt

Unread post by zzand »

Can't remember the last time I was in one. I go to Kroger for prescriptions and Walmart for anything else.
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ZenithCKLW
Posts: 912
Joined: Sat Nov 13, 2004 11:21 am
Location: Livonia, MI

Re: Rite Aid bankrupt

Unread post 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.
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kager
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Re: Rite Aid bankrupt

Unread post 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.
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Turkeytop
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Re: Rite Aid bankrupt

Unread post by Turkeytop »

I read soewhere that Walgreens has been closing stores due to heavy losses from shoplifting.
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TC Talks
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Re: Rite Aid bankrupt

Unread post by TC Talks »

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

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Mega Hertz
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Re: Rite Aid bankrupt

Unread post by Mega Hertz »

Bring back Arbor Drugs. Bringing back William Schallert would be nice but I don't think that will happen.
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TC Talks
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Re: Rite Aid bankrupt

Unread post by TC Talks »

Why? I don't get Drug Stores.

Pharmacies and Dollar General is all we need
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

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radioandtventhusiast
Posts: 1277
Joined: Wed Nov 20, 2019 4:08 pm
Location: Toledo, OH

Re: Rite Aid bankrupt

Unread post 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.
Deleted User 15924

Re: Rite Aid bankrupt

Unread post 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.
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