Rite Aid, the third largest standalone pharmacy chain, filed for Chapter 11 bankruptcy protection in October 2023. The company has been struggling with declining sales, mounting opioid-related lawsuits, and billions of dollars in debt. As part of its bankruptcy proceedings, Rite Aid plans to close roughly 400 to 500 of its approximately 2,200 stores. The company listed every location set for closure in bankruptcy court documents filed in October 2023, but didnt disclose when each store would be shuttered. Rite Aid reportedly operates on slimmer margins than its major competitors, CVS and Walgreens, which left executives with concerns over the long-term ability of the company to compete. The company has also been the subject of legal battles surrounding the opioid epidemic. Rite Aids bankruptcy reflects long-term struggles in the retail pharmacy industry, where the majority of drug stores’ sales come from filling prescriptions, but their profits from that segment have declined in recent years because of lower reimbursement rates for prescription drugs. The front end of drug stores, where they sell snacks and household staples, also faces pressure from rising competition from Amazon, big-box stores with pharmacies like Walmart, and Dollar General in rural areas.