RITE AID closing 117 stores (no joke!)

[nims57]

They blame the Eckerd acquisition.

[shakethis1234]

i believe big chuck of them are in syracuse area theirs rite aids 2 on the same corner former eckerd rite aid both open as rite aids 2 fulton ny 1 mile apart

[dmx10101]

Here's the story-

Rite Aid to shut as many as 117 stores after wider loss
The drugstore chain operator says the closures will be scattered across the U.S. The firm's red ink more than doubled
in the fiscal fourth quarter to $2.3 billion.

Associated Press
April 3, 2009

New York -- Rite Aid Corp. is planning to shut down as many as 117 stores over the next year as it tries to cut costs after the drugstore operator's loss more than doubled in the fiscal fourth quarter.

The Camp Hill, Pa., company said the closings would be scattered around the country, targeting stores with weak sales and those that are close to another Rite Aid.

Rite Aid said its fourth-quarter results were hurt by the recession, a fairly mild flu season and the introduction of new low-cost generic drugs.

Rite Aid had 4,901 stores in 31 states at the end of February. The retailer plans 20 store openings and 55 relocations in fiscal 2010, which ends Feb. 28.

Rite Aid closed 200 stores in fiscal 2008.

In the fiscal fourth quarter, Rite Aid reported a loss of $2.3 billion, or $2.67 a share. It lost $960.4 million, or $1.20, a year earlier. Because of the plunging value of its stock, the company wrote down the value of its assets by $1.81 billion.

Excluding the write-downs and other one-time costs, Rite Aid lost $116.9 million, or 14 cents a share. Revenue fell 2% to $6.71 billion. On that basis, Thomson Reuters says analysts expected a loss of 11 cents a share on sales of $6.71 billion.

Rite Aid shares rose 6 cents, or 15.4%, to 45 cents.

[nims57]

something I found on Retail Watchers, part of Groceteria:
http://www.retailwatchers.com/viewtopic.php?f=19&t=13

[wwefan101]

 we have  like 4 rite aids nare me  oxfod aburn/wocster line  webster and dudley i hoope they stay open  ift  they have to close on  i hope its the oxfod one wich  is the smallerst store

[store215]

Rite Aid should NOT have bought the Eckerd stores...Rite Aid wasn't doing too hot even before the buyout. I don't know why they acquired so many stores, especially tons of old shopping-center stores that just don't have the business anymore when there is a Walgreens and CVS on every corner. I don't understand how these people manage to run companies.

[Toys4Joy]

Rite Aid is getting a beat down by Walgreens.  Not only are the prices and selection better at Walgreens but their 24 hour pharmacy is really what is killing the Rite Aids around the Albany, NY area.   In the Clifton Park area, they are building a new Walgreens right across from a Rite Aid.  Lets see:  Will I get my prescriptions filled at a place that closes at 9pm or a place that is open 24 hours?  

[wwefan101]

i was at wallgreens with my grandmother to get my grandfathers meds filled and  it took a good  30 mins  to get it filled they were soooooooo busy. thers a riite aid   cvs   and price chopper pharmicy with in mins form it but we all  go to walgreens cause its the best  and they got great prices on candy bars this week dove  bars 2 fo 4

[store215]

Originally posted by Toys4Joy
Rite Aid is getting a beat down by Walgreens.  Not only are the prices and selection better at Walgreens but their 24 hour pharmacy is really what is killing the Rite Aids around the Albany, NY area.   In the Clifton Park area, they are building a new Walgreens right across from a Rite Aid.  Lets see:  Will I get my prescriptions filled at a place that closes at 9pm or a place that is open 24 hours?  

One Rite Aid near me opened not even 2 years ago as a 24 hour store and just recently, I noticed it's no longer 24 hours. (There is a 24 Hr Walgreens down the street from this which has done very well).

[Caldor1999]

Originally posted by MBZ321

Originally posted by Toys4Joy
Rite Aid is getting a beat down by Walgreens.  Not only are the prices and selection better at Walgreens but their 24 hour pharmacy is really what is killing the Rite Aids around the Albany, NY area.   In the Clifton Park area, they are building a new Walgreens right across from a Rite Aid.  Lets see:  Will I get my prescriptions filled at a place that closes at 9pm or a place that is open 24 hours?  

One Rite Aid near me opened not even 2 years ago as a 24 hour store and just recently, I noticed it's no longer 24 hours. (There is a 24 Hr Walgreens down the street from this which has done very well).

same thing happend to my Rite Aid whitch opend about 10 years ago was open 24 hours for about few years till they just stoped im guessing cause they opned up a new cvs not to far from them

[wwefan101]

ha   they wont beat walgreens cvs here was going to  buld on the land walgeens put ther store but  walgreens   manged to get    the lot frist and open

[momof3]

Alot of the Rite Aids around here are located very close to a CVS or Walgreens or both.  The Berlin CT Rite Aid is right near both a CVS and a brand new Walgreens, given the choice I usually shop Walgreens.

[nims57]

Originally posted by MBZ321
Rite Aid should NOT have bought the Eckerd stores...Rite Aid wasn't doing too hot even before the buyout. I don't know why they acquired so many stores, especially tons of old shopping-center stores that just don't have the business anymore when there is a Walgreens and CVS on every corner. I don't understand how these people manage to run companies.

Lots of Eckerds (after they converted) have been "replaced" by new Rite Aids or closed. What was the point of buying them then?

[wwefan101]

  yea  it dont look that way here

[dmx10101]

Originally posted by nims57

Originally posted by MBZ321
Rite Aid should NOT have bought the Eckerd stores...Rite Aid wasn't doing too hot even before the buyout. I don't know why they acquired so many stores, especially tons of old shopping-center stores that just don't have the business anymore when there is a Walgreens and CVS on every corner. I don't understand how these people manage to run companies.

Lots of Eckerds (after they converted) have been "replaced" by new Rite Aids or closed. What was the point of buying them then?

To eliminate some of their competition..

[beachgal26]

When will these companies learn that buying an under-performing company will not boost their sales - especially not in this economy???

Personally, I have never cared for Eckerd and see little future for either them or Rite Aid when CVS (yes, we're finally going to get them in TN!) and Walgreen are both so huge.

[wwefan101]

 yea  my town has a  cvs  walgreens and rite aid with in a mile of each other   ift rite aid did close o well walgreens is beter