Final days until another Rite Aid closes down for good as 25 locations shutter - and CFO warns more will come

RITE Aid has announced it is shutting down another location as an executive warned of more closures to come.

The pharmacy is closing a store in Fayetteville in southern Pennsylvania.

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The last day of business at the location is August 28.

"A decision to close a store is one we take very seriously and is based on a variety of factors including business strategy, lease and rent considerations, local business conditions and viability, and store performance," Rite Aid told The U.S. Sun in a statement.

"We review every neighborhood to ensure our customers will have access to health services, be it at Rite Aid or a nearby pharmacy, and we work to seamlessly transfer their prescriptions so there is no disruption of services."

After this closure, only four Rite Aid pharmacies will be left in Fayetteville.

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Employees were offered the option to transfer to another store.

CLOSING TIME

These closures come after Rite Aid forecasted it would lose $700million this year.

Because of this, the company has had to make tough choices and close underperforming stores.

This year alone, 25 stores have shut down.

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In July, Rite Aid, chief financial officer and executive vice president Matthew Schroeder warned that even more closures could come.

“I would expect us to continue to do that," he said in an earnings call.

"I don't have a number of store closures to give you, but it's certainly something we're going to continue to look at as we think about just how do we drive as much profitability as we can while still maintaining the presence in communities and providing access to our customers and communities.”

SEVERAL SHUTDOWNS

Rite Aid is just one of many companies facing similar struggles.

The rise in online sales has led to a drop in foot traffic at brick-and-mortar stores.

In 2021, CVS announced it would close roughly 300 stores per year until 2024.

It has already shut down stores in Illinois, Texas and California.

Walgreens has also been affected and closed multiple stores in May.

A major bank is also facing closures, including one branch that has been open for 37 years.

Plus, see which beloved clothing maker is shuttering after 60 years.