All articles tagged with #pharmacy closures
Rite Aid, once a major US pharmacy chain with 5,000 stores, has announced the closure of all its remaining stores following financial struggles, bankruptcy filings, and legal issues related to opioid distribution, contributing to concerns over increasing pharmacy deserts in the US.
Rite Aid, once a major pharmacy chain in the US, has closed all its remaining 89 stores after filing for bankruptcy twice in less than two years, due to competition, debt, and legal issues, marking the end of its 63-year history.
Rite Aid, once a major pharmacy chain in the U.S., has announced the permanent closure of all its stores nationwide following bankruptcy and asset liquidation, leaving customers to find alternative pharmacies and access their prescription records.
Rite Aid has officially closed all its pharmacies after months of gradual closures, marking the end of its presence in the pharmacy retail industry.
CVS is closing five stores in New York as part of a nationwide plan to shut down 271 locations in 2025, aiming to streamline operations and save over $500 million annually, while also opening new stores inside Target and investing in new care models amidst industry-wide downsizing by major pharmacy chains like Walgreens and Rite Aid.
As major pharmacy chains like CVS, Walgreens, and Rite Aid close hundreds of stores, Black and Latino communities, as well as rural areas in states like Alaska, Oregon, and New Mexico, are disproportionately affected. These closures exacerbate existing "pharmacy deserts," limiting access to essential healthcare services and trusted advice, especially for those who rely on pharmacies for quick medical consultations and chronic disease management. Rising costs, falling prescription reimbursements, and theft are among the reasons for the closures, which are leaving vulnerable communities without crucial healthcare resources.
The American pharmacy industry is facing a severe crisis, exemplified by the closure of many Bartell Drugs locations in Seattle following Rite Aid's bankruptcy. Factors such as competition from online retailers, reduced reimbursements from pharmacy benefit managers (PBMs), and the opioid crisis have led to widespread pharmacy shutdowns. This has created "pharmacy deserts," particularly affecting underserved communities. The situation is dire for both large chains and independent pharmacies, with many struggling to stay afloat amid financial pressures and changing market dynamics.
The decline of Bartell Drugs, a 130-year-old family-owned pharmacy chain in Seattle, highlights a broader crisis in the American pharmacy industry. Factors such as competition from online retailers, reduced reimbursements from pharmacy benefit managers (PBMs), and the opioid crisis have led to widespread closures of both independent and chain pharmacies. This trend is creating "pharmacy deserts," particularly affecting underserved communities, and exacerbating the challenges in the U.S. health care system.
City Councilors are addressing the potential collapse of Steward Health Care, which operates two hospitals in Boston, and the closure of chain pharmacies in the area. Concerns have been raised about the impact on residents, particularly those on MassHealth or Medicare, who may struggle to access healthcare services. Councilors are urging the chain pharmacies to reconsider their closures in order to maintain access to medications and services for vulnerable populations.
CVS Health Corp plans to close dozens of its pharmacies inside Target Corp discount stores between February and April as part of a cost-cutting measure to realign its national retail footprint and reduce store and pharmacy density due to rising expenses in its pharmacy and insurance businesses. The closures are part of a broader restructuring plan to streamline operations and reduce costs, and affected employees will be offered jobs at other CVS locations while customers' prescriptions will be transferred to remaining CVS pharmacies.
CVS Health plans to close select pharmacies inside Target stores in the coming months, with closures beginning in February and finishing by the end of April. The company did not disclose the exact number of stores to be shuttered, but a report suggested "dozens" of locations. This decision is part of CVS' effort to reduce its retail footprint based on changes in population, consumer buying patterns, and future health needs. CVS has been pushing to transform itself from a major drugstore chain into a large healthcare company, with recent acquisitions and cost-cutting measures. Employees affected by the closures will be offered comparable roles within CVS, and prescriptions will be transferred to nearby CVS pharmacies before the locations close.