Marley Jay is a business news reporter for NBC News Digital.
Rite Aid, the third-largest U.S. drugstore chain, filed for Chapter 11 bankruptcy protection on Sunday, and it's likely that the company will close a big chunk of its 2,000 stores. One result is that people will have fewer options for where they fill their prescriptions. That’s been the trend in drugstores lately, and it looks like they'll dwindle further. The Wall Street Journal reported in September that Rite Aid might close 400 to 500 stores as part of bankruptcy proceedings.
Rite Aid has lost money in each of its last six fiscal years, had already been closing stores to cut spending, and was looking at a $1 billion charge related to its role in the opioid crisis. CVS and Walgreens have both paid similar settlements, but it was much harder for Rite Aid to do so. In recent years, the stock market has valued Rite Aid in the tens of millions of dollars even though it had $24 billion in sales last year.
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