Rite Aid abruptly closes another location in same city shortly after the first as the chain blames financial factors

RITE AID has shut down another location in a major city, the third this year.

The company closed down a Bartell store on Wednesday in Seattle.

The Bartell's on 1001 Mercer Street was shuttered this week.

The company also permanently closed locations in Chinatown International District, Ballard, and University District, according to The Seattle Times.

Executives at the company said the decision to shutter was based on "business strategy, lease and rent considerations, local business conditions and viability, and store performance."

Rite Aid confirmed to The U.S. Sun that three of the stores closed in 2023.

"Like all retail businesses, we regularly review each of our locations to ensure we are meeting the needs of our customers, communities and overall business," a spokesperson said to The U.S. Sun.

"We review every neighborhood to ensure our customers will have access to health services, be it at Bartell Drugs or a nearby pharmacy, and we work to seamlessly transfer their prescriptions so there is no disruption of services.

"We also strive to transfer associates to other Bartell Drugs or Rite Aid locations where possible."

The company maintains 63 locations in Washington state.

HISTORY OF BARTELL'S AND RITE AID

Bartell's was founded in 1890 and is one of the oldest pharmacy chains in the US.

The company offers a range of products and services, including prescription medications, over-the-counter drugs, health and beauty products, personal care items, and other merchandise.

Rite Aid purchased the storied pharmacy brand for $95million in 2020.

According to documents at the time of the purchase, Bartell's took on debt in order to stay afloat.

"The agreed upon purchase price reflected the fact the seller would have needed to incur further significant debt to cover the operating costs of Bartell," Rite Aid said in an annual earnings report.

The purchase also drove Rite Aid's storefront numbers up as the nationwide pharmacy chain looked to keep up with CVS and Walgreens.

Rite Aid remains the third largest pharmacy brand in the US - and their numbers underscore more uncertainty for the brand.

RITE AID CLOSURES

Rite Aid is currently values at $86million, three years after their Bartell's acquisition.

The company's stock price has dropped 84 percent since the purchase.

Rite Aid has gone through a spate of closures as the company price has dropped.

Rite Aid has closed at least 145 stores since 2021.

The company said in the first quarter it expects to lose "between $520.3million and $477.3million."

The U.S. Sun reports on other store closures - a Rite Aid competitor announced it will close 150 stores.

Also, another integral store closed abruptly in Wisconsin.