Our Rite Aid pharmacy just closed - when I read that Private Equity bought Rite Aid I told in a little while it will be

[Stargazer99]

gone. Private Equity buys a business then loads it up with expense and then sells it..they have closed 3 low income hospitals already down South with this routine. Yes, they want to kill us in several ways. The wealthy are the problem in this country

[eppur_se_muova]

1. One just a short drive from us closed. It was probably there for more than 40 years. nt

[bif]

3. I loved the one in our neighborhood

Way better than the CVS. The staff was super nice and friendly. Sadly it closed a couple months ago. Now I'm stuck with CVS.

[eppur_se_muova]

7. Same here. They're directly across the street from Walgreen's. That's right, two drugstores at the same intersection.

Because saturating the local market is bound to hurt one of them. Well, at least one.

[Diamond_Dog]

2. It has recently struck me that

when orange Criminal said he was going to make everybody rich, what he meant was he was going to kill off the poor.

[CousinIT]

5. He meant the billionaires. Not the rest of us. n/t

[CousinIT]

4. Guess who's running Social Security right now? Private equity. Frank Bisignano.

There are a bunch of "DOGE" and Musk's private equity goons in the Social Security Admin. Frank Bisignano is the SSA Commissioner.

They are planning to do the same thing to Social Security. Probably something like this:

Make services unresponsive and unusable, and benefits impossible or difficult to get. They've already done this.

Run up expenses and waste. How much did it cost to send millions of Americans that political propaganda email they had no business sending?

Privatize it as money drains out. And if they can't make a profit off of it (they won't)...

Shut it down.

[Silent Type]

6. Companies on the verge of failure resort to PE. Toys-R-Us turned to PE when its debt was downgraded and they

had only one funding source left-- PE.

Their options were close immedately and fire eveyone.

Or, take their last shot by turning to loan sharks. It worked for 5 more years and employees kept their job. I think that was best option, though failure was inevitable, it was just when.

[haele]

8. Our local Rite Aid, centrally located in a poor community

Has had long stretches of empty shelves for almost a year now. They've never had a major shoplifting problem (even though there's been an established homeless encampment in the far parking lot for over a decade now), they just aren't getting stocked by corporate.
Their pharmacy and Thrifty Ice Cream counter are the only sections fully stocked and regularly serviced.
They're probably getting ready to be shut down - and there's been a pharmacy there since the 1950's.

[jmbar2]

9. We just lost our Rite-Aid as well.

The pharmacist there provided more medical care continuity than our local providers, who don't stay long. She kept me up-to-date on all my vaccinations, and advised wisely on over-the-counter meds when I needed them.

A big loss...

[Vinca]

10. Ours closed, but it's just been reported a company named Kinney Drugs, which is apparently employee owned, is buying it.

[WSHazel]

11. Rite Aid has been on life support for over a decade

Blame Pharmacy Benefit Managers. It is not PE’s fault it couldn’t rescue a failing business.

[cadoman]

12. great opportunity for local pharmacists

They are floating around in many places still, just waiting for our business.

[JI7]

13. I think the problem for Rite Aid was those opioid lawsuits

Rite Aid actually seemed better than CVS to me. They had emolyees that had been there for decades and the stores were usually in better condition.

[MineralMan]

14. It's an old, old story.

Rite Aid bought the Thrifty Payless chain decades ago. It's a holding company. Now, it's gone as well.

The pharmacy/general merchandise business model has had severe ups and downs over the years. I see where I am that Walgreens stores are closing or being bought out by CVS.

That's the nature of the business, I'm afraid. the names come and go.