Photos and reporting by Stacie Joy
According to multiple published reports, Rite Aid plans to close 92 stores nationwide in 2024 as the chain continues to work through a bankruptcy proceeding.
Since filing for Chapter 11 bankruptcy last October, Rite Aid has been grappling with its financial woes, which have led to the closure of numerous locations. However, the East Village outpost on First Avenue at Fifth Street has managed to escape the hit list.
Here's more about why the company has struggled via Forbes:
Multiple factors contributed to Rite Aid's bankruptcy. It was larded with debt and faced more than a thousand opioid-related lawsuits. Yet its business has been deteriorating for years as it struggled to compete against larger companies like CVS, Amazon, Walgreens...
During a recent visit, I saw barren shelves throughout the store. Management here told me they are having a "tough time getting any product or supply right now." When I asked if they were closing, I was told, "Right now, we're OK, but we really don't know."
On another stop-by, staff said that the company is saving money by not stocking shelves; they only restock or receive supplies once a week. They also said that, for now, the store is safe and not closing. They did not rule out a closure in the future, but no one's heard anything.
They said that if the store were to close, the patrons/pharmacy clients would be informed immediately.
Here's a look at the store... where even the COVID-era lockdown shelves were barren...
The First Avenue location has a special place in our hearts because of its Headless Santa.
The one-story First Avenue location also sits on a prime East Village corner, and developers would likely pay top dollar for another sliver of luxury housing.
