Recently in pharmacy and drug Category

Rite Aid to close stores

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In response to poor corporate performance, Rite Aid is closing up to 117 stores in a cost-cutting maneuver. The pharmacy and grocery chain will eliminate underperforming stores and locations with another Rite Aid nearby.

This news isn't all that drastic: Rite Aid has 4,874 locations nationwide, so the 117 store closings are not an abnormal number. But the closings' announcement in association with stock performance may underscore the effect the economic slowdown is having on sales.

Old and local stores, late March edition

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The economic downturn is hitting local stores especially hard. Saddest among those affected are the decades-old establishments suddenly facing bankruptcy or liquidation. Recent news affects stores with long histories in jewelry, drugs and menswear:

Drug Fair

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In New Jersey, pharmacy chain Drug Fair has closed six of 40 locations and reports suggest it is considering a bankruptcy filing. The chain is also selling numerous stores to Walgreen. The store closings began unexpectedly last weekend and continued with in-store announcements today.

Drug Fair, which has a private-equity owner, also operates a dozen Cost Cutter discount stores across the state. Drug Fairs have been open since the 1950s.

Update, March 18: Walgreen is now buying all of Drug Fair and closing 11 locations in total. The rest of the stores will be converted to the Walgreen's name.

Snyders Drug

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In Minnesota, the Snyders Drug chain is becoming "smaller but stronger" with the closing of 19 stores. The regional chain, which dates to 1928 in Minneapolis, operated 47 stores before the announcement. Snyders successfully emerged from a 2003 bankruptcy filing but is suffering from a rapid CVS expansion.

Timely Demise tracks the retail industry as it changes with our unprecedented economic environment. Published by David Wertheimer. Did I miss something? Drop me a line.

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