Popular Pharmacy Chain Closing All New York Locations

One of the biggest names in pharmacies has announced its plans to close all of its 178 locations in New York State, including 12 Hudson Valley stores.

Rite Aid Closing All New York Locations

On the same day that the giant Rite Aid filed for chapter 11 bankruptcy, the company announced it plans to close all of its New York locations next month. The news first reported by WKBK in Buffalo states that the company's CEO, Matthew Schroeder, informed all Rite Aid employees of the company's decision by sending them a letter.

SEE ALSO: Hudson Valley Post Office Will Close For Good

In the letter, Schroeder told employees that the company is making the decision based on various factors, saying,

"The dramatic downturn in the economy, potential litigation, and increased costs (including tariffs) from our suppliers and landlords have necessitated employee separations that were unforeseen, as we were actively seeing funding and pursing several alternative strategic transactions with the hope that this action could be avoided or postponed."

 

Are all Rite Aid Stores Closing?

According to Bloomberg, Schroeder addressed employees Monday, telling them all Rite Aid stores would either be closed or sold and that the pharmacy chain is currently working with several regional and national buyers who might be interested in parts of the company, but didn’t specify which companies.

Hudson Valley Rite Aid Store's Closing

Rite Aid currently operates 12 stores across the Hudson Valley, including stores in Beacon, Kingston, Hyde Park, Hopewell Junction, Middletown, Montgomery, Newburgh, Rosendale, Brewster, Wappingers Falls, and two stores in Poughkeepsie, NY

He also said that all Rite Aid distribution centers will be closing over the next several months, but didn't provide a closing date for any of the New York stores. This is a developing story, and as more information becomes available, we will update this article.