Rite Aid announced Monday that it will be shutting all of its New York locations, including its five Bronx stores, in June as it undergoes its second bankruptcy restructuring in less than two years.
The nationwide pharmacy chain filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of New Jersey, initiating a sweeping shutdown of its New York stores and distribution centers. The company aims to find a buyer for some of its remaining assets.
In the Bronx, five stores will close, affecting neighborhoods including Riverdale, Wakefield, Spuyten Duyvil, and Longwood.
The closures will impact the following Bronx stores:
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21B Knolls Crescent, Spuyten Duyvil
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4159 White Plains Rd., Wakefield
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5825-35 Broadway, Riverdale
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950-960 Southern Blvd., Longwood
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2063 Bartow Ave., Co-op City
The company said the first round of layoffs is expected to start on June 4, although the exact number of affected employees was not released.
“For more than 60 years, Rite Aid has been a proud provider of pharmacy services and products to our loyal customers,” said CEO Matt Schroeder in a statement. “While we have continued to face financial challenges, intensified by the rapidly evolving retail and healthcare landscapes in which we operate, we are encouraged by meaningful interest from a number of potential national and regional strategic acquirors.”
The chain, which currently operates 178 stores across the state and 1,240 nationwide, previously filed for bankruptcy in October 2023 after posting $750 million in losses. That filing led to an initial wave of store closures, including four in New York City.
Rite Aid’s troubles have mounted in recent years, including more than 1,000 lawsuits tied to its alleged role in the opioid epidemic. In March 2023, the U.S. Department of Justice sued the company in the Northern District of Ohio, accusing it of filling unlawful opioid prescriptions. Executives also cited an increase in post-pandemic retail theft as another factor compounding the chain’s financial instability.
Despite these challenges, Schroeder said the company’s “key priorities” during the bankruptcy process include maintaining pharmacy access and preserving jobs where possible.
Founded in 1962, Rite Aid was once one of the largest drugstore chains in the country. Its departure from the Bronx marks a continued contraction of brick-and-mortar pharmacies in the city, where longtime providers like Duane Reade and CVS have also scaled back operations in recent years.
Residents with active prescriptions at affected Rite Aid locations are advised to monitor communications from the company regarding the transfer of their records.
