The going-out-of-business sales have not started at most Rite Aid locations yet. But changes are already impacting daily operations at the stores that remain open as the retailer navigates its second and presumably final bankruptcy.
The first change immediately impacting all of Rite Aid’s approximately 1,240 stores involves the retailer’s loyalty program. Effective today, “Rite Aid Rewards points will no longer be issued for qualifying purchases,” the company has announced. All accumulated rewards points are still redeemable for now, subject to existing expiration rules – so if you have any, use them while you still can.
And effective June 5, “Rite Aid will no longer honor Rite Aid gift cards or accept any return or exchanges.”
So for the next month, it will be business as usual, to an extent, at most Rite Aid locations. But the shelves may start to look bare. In a letter to vendors, Rite Aid announced that it “has generally stopped purchasing goods and services, except for those that it believes are essential to supporting this process.” So deliveries of many products are likely to cease – what’s in the stores now, is what is going to be available for sale.
As Rite Aid seeks a buyer for its stores, documents filed with the bankruptcy court describe its “strategy for maximizing store proceeds.” Stores identified as weak performers that are unlikely to attract buyers will be closed sooner than most, while the rest will remain open “for the next few months.” Over time, closing stores will follow “a strategic mark-down plan followed by a clearance sale,” or remaining inventory will be transferred to other stores “that would remain open for a longer duration during these chapter 11 cases.”
Dates and details for the auction process have not been finalized, but Rite Aid expects to sell off all of its assets in the coming months. Stores that don’t sell, will simply be closed. In the meantime, Rite Aid says it is “working to facilitate a smooth transfer of customer prescriptions to other pharmacies,” while “employees assisting with this process will continue to receive pay and benefits.”
So there are not a lot of answers just yet as to what’s going to happen to your local Rite Aid in the coming days and weeks. Some will close sooner than others, some will have shelves that are more fully-stocked than others. Some may be sold to other pharmacies and continue operating as retail drug stores, while some may be sold to other retailers altogether.
Only one thing is certain – if there’s a Rite Aid in your community now, there soon won’t be. For now, as in the sign above, Rite Aid may promise to have “what you need, when you need it.” Just as long as you take them up on that offer sooner than later.
Image source: Reddit/Legitimate-Word3132
