Massive Pharmacy Chain Reveals Bankruptcy, Widespread Closings Across New York

What seemed like an endless string of national retail chains closing in 2024 has continued well into the New Year.

It's sad to say it is difficult to keep up with all the bankruptcy and closing announcements, as there have been so many. J

JOANN, Big Lots, Advance Auto Parts, Forever 21, and Dollar General have all recently announced nationwide store closures. They join a long list of retailers that have already closed or will close brick-and-mortar stores in 2025.

Read More: List of Chains That Are Closing or Have Closed Locations in 2025

The closings have even extended to parking banking institutions..TD Bank recently announced it will close numerous locations across New York and the Northeast, along with Flagstar Bank. 

Another Massive Pharmacy Chain Announces Bankruptcy and New York Store Closings

On the heels of Walgreens revealing in March it would close 500 stores in the US, another enormous pharmacy chain has gone into bankruptcy proceedings for a 2nd time.

According to a Spectrum News report, Rite Aid revealed in a letter to employees today (Monday, May 5) that the company is entering bankruptcy proceedings. Rite Aid also claimed bankruptcy in October of 2023.

While a specific list of stores was not revealed, the Spectrum report says 175 Rite Aid pharmacies across New York would close as part of the bankruptcy restructuring, and the pharmacy chain attributed its financial woes to "the rapidly evolving healthcare and retail landscapes."

According to CNN, Rite Aid just emerged from its first bankruptcy 7 months ago and plans to keep its stores open through the refiling process.