After emerging from Chapter 11 bankruptcy last year and shuttering hundreds of stores nationwide, Rite Aid is closing another Portland pharmacy.
The pharmacy chain, headquartered in Philadelphia, operated more than 2,000 stores when it filed for bankruptcy in October 2023. Over the past year, Rite Aid cut its footprint nearly in half — closing a slew of locations across the country, including stores in Oregon and southwest Washington and a Wilsonville warehouse.
Next month, it plans to close yet another. Its pharmacy at 514 N.E. 181st Ave. will close its doors on May 7. Prescription files will be transferred to the Sav-On Pharmacy inside the Albertsons at 451 N.E. 181st Ave.
>> Business opening or closing in your neighborhood? Email the reporter at vnocera@oregonian.com.
Rite Aid is left with just under 1,300 stores nationwide and 49 in Oregon. Last year, ownership of the chain was transferred to a group of bondholders, according to the Wall Street Journalresolving its first bankruptcy.
But the restructuring wasn’t enough to solve the company’s financial woes.
Rite Aid is now considering selling some or all of its business as an alternative to once again filing for bankruptcy, the Journal reported, which could lead to the closure of more underperforming stores.
The company, like other pharmacy chains, faces lawsuits related to the oversupply of opioid painkillers, driving addiction rates and overdose deaths. Rite Aid has paid hundreds of millions of dollars in settlements.
Rite Aid is also not the only pharmacy chain to cut back after struggling with a drop in retail sales and profit margins. In the past few years, competitors CVS and Walgreens have also closed hundreds of stores nationwide.
— Veronica Nocera covers retail and recalls news for The Oregonian/OregonLive. Is a business in your area opening or closing? Reach Veronica at vnocera@oregonian.com.
