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And not a word on HOW THE FRACK they were 2B in debt!!!
Private Equity?
So yeah, they bought the part of the business they give a shit about and are systematically closing the rest of the business, a.k.a. brick and mortar stores.
Private equity don’t really give a shit about that fixing any lthing. So they print a bunch of corporate word salad mumbo-jumbo about how they’re gonna fix shit and when it doesn’t work out, they’re like yep we got the money that we want and the business part that is valuable. Fuck the rest of it. Who cares if there’s another food desert, or whatever the medical equivalent is, and all the rural towns at the rely on these pharmacies for medication.
I guess Walmart pharmacy wins by default.
Private equity bought them after they filed for bankruptcy. Doesn't explain how the were $2B in debt before the chapter 11
https://tinygrab.com/who-bought-rite-aid-in-2025/
Yes they had debt before, that’s why they went bankrupt in the first place. Now they are going bankrupt because private equity decided to buy the business and sell off what they don’t want.
Also just a bad business model as well, trying to be a shittier more expensive Walmart or Target is pretty stupid. If it was just the pharmacy, food, and maybe clothes if they were cheap the business would've probably done better.
So a gas station with a pharmacy and minus the gas station? That’s the business model?
Pretty much yeah, there's a reason why some of the last independent stores are convenience stores. It's because they're relatively cheap to operate and you don't need a particularly large customer base to maintain profitablity, frankly speaking the problem they usually run into is zoning regulations and not being more mixed into residential.
I’m pretty sure there’s a Rite Aid near where I am and it’s almost always closed. The only other option is the CVS that’s in Hannaford. Another 35 minute drive in the opposite direction to Walmart. 45 minute drive in the other direction to a CVS.
Weren’t the subject of a leveraged buyout ~~mugging~~ deal a while back? That might explain the high debt load.