The Rite Aid drugstore in the Zaferia neighborhood will close in early June, and other stores around the city could soon meet a similar fate as the struggling pharmacy chain enters bankruptcy.
June 2 will be the last day for Rite Aid’s location near the intersection of Anaheim Street and Redondo Avenue, in the Belmont Center shopping plaza, a company spokesperson said Tuesday.
“We will work to seamlessly transfer [the store’s] prescriptions to ensure there is no disruption of service,” the spokesperson said in a statement.
On Monday, the chain announced plans to file a second Chapter 11 bankruptcy, less than two years after it filed its first.
The company plans to close all distribution centers over the next few months, and all stores will either close or be operated by a new owner, according to Rite Aid.
“During this process, customers can continue to access pharmacy services and products, including prescriptions and immunizations, both in stores and online,” a company spokesperson said.
Rite Aid operates pharmacies in Belmont Shore, Downtown, Alamitos Beach and in East Long Beach near Millikan High School.
The Pennsylvania-based chain is the third-largest drugstore company in the United States, trailing behind CVS and Walgreens.
As of Monday, Rite Aid was “in active discussions with multiple potential buyers,” a company spokesperson said.
The drugstore chain first filed for Chapter 11 bankruptcy in October 2023.
After nearly a year of navigating that process, the company closed about 500 locations, cutting $2 billion in debt and securing $2.5 billion in funds to keep operating.
On Monday, Rite Aid announced it secured nearly $2 billion in new financing to keep operating during its second bankruptcy filing.
“For more than 60 years, Rite Aid has been a proud provider of pharmacy services and products to our loyal customers,” the company’s CEO Matt Schroeder said in a statement.
Rite Aid has about 1,250 stores remaining in the U.S., about half of the number it had roughly two years ago. In 2017, Walgreens bought slightly less than 2,000 Rite Aid locations in a $4.4 billion deal.
“As we move forward, our key priorities are ensuring uninterrupted pharmacy services for our customers and preserving jobs for as many associates as possible,” Schroeder said.