An iconic name in the pharmacy business, Rite Aid is going through voluntary Chapter 11 bankruptcy proceedings, where it is said that part of the plan is to close up to 500 stores.
An initial list of 154 have made it into official bankruptcy documents including twelve locations in New Jersey. It is not clear at this time exactly when the stores are expected to close.
In the “42Freeway” Southern New Jersey area, locations on the list are located in Mullica Hill, Mantua, Williamstown and Lumberton
- 108 SWEDESBORO ROAD SUITE 20 MULLICA HILL NJ 08062
- 210 BRIDGETON PIKE MANTUA NJ 08051
- 1434 S BLACK HORSE PIKE WILLIAMSTOWN NJ 08094
- 1636 ROUTE 38 SUITE 49 LUMBERTON NJ 08048
The full list includes a total of 12 New Jersey locations
- 4057 ASBURY AVE STE 8 TINTON FALLS NJ 07753
- 431 HALEDON AVENUE HALEDON NJ 07508
- 35 MILL ROAD IRVINGTON NJ 07111
- 773 HAMILTON STREET SOMERSET NJ 08873
- 3 MARSHALL HILL ROAD WEST MILFORD NJ 07480
- 2370 ROUTE 33 ROBBINSVILLE NJ 08691
- 1726 ROUTE 37 EAST TOMS RIVER NJ 08753
- 86 B LACEY ROAD WHITING NJ 08759
We’ve already seen several Rite Aid store closings in the area over the last few years. Keep in mind that the initial list is only about 1/3 of the expected total… so it’s possible that more Rite Aid store closings for our area could be announced.
News of the closing list was first reported at Asbury Park Press. I don’t have an account with them, but realizing their information likely came from bankruptcy filings I tracked down that 89 page document.
Searching through the document I don’t see any dates of when these closings are expected to take place.
All is not dire with the Rite Aid corporation. In fact today they announced some positive news with their voluntary Chapter 11 petition which was just filed on October 15th 2023.
One of the early steps of a Chapter 11 bankruptcy is to ask for approval of “first day” motions, which gives them the ability to access funds to keep the corporation functioning… and able to bills required to keep the business operating.
The Court has authorized the Company to continue to pay associate wages, salaries and benefits without interruption, pay vendors and suppliers in full for goods and services provided on or after the filing date of October 15, 2023, and otherwise continue to deliver leading healthcare products and services across its retail and online platforms.Rite Aid Press Release October 17, 2023
This was achieved through $3.45 billion in debtor-in-possession financing from certain of its lenders.
Just two days ago Rite Aid appointed a new Chief Executive Officer who had this positive outlook on the company,
“With the support of certain of our lenders and the majority of our bondholders, we look forward to moving through this process and emerging as a stronger company, well-positioned for long-term success. We thank our associates, partners, suppliers and vendors for their continued support and our associates for their hard work and dedication.”Jeffrey S. Stein, Chief Executive Officer and Chief Restructuring Officer of Rite Aid. October 17, 2023
According to the New York Times on Sunday Oct 15, Rite Aid weighed down by billions of dollars in debt, declining sales, and more than a thousand lawsuits at the federal, state and local levels claiming Rite Aid filled thousands of illegal prescriptions for painkillers.
Rite Aid states in an October 15th press release that will “allow the Company to accelerate its ongoing business transformation. Implementing the contemplated restructuring plan will significantly reduce the Company’s debt, increase its financial flexibility and enable it to execute on key initiatives.
Rite-Aid Stores closing – South Jersey
As part of the Chapter 11 plan it has been said Rite Aid will close as many as 500 underperforming stores.
An initial list of 152 stores was provided in bankruptcy documents. 12 of those stores are in NJ and 4 are in the Southern “42Freeway” region of the state.
The Mullica Hill Rite Aid is located in the Amish Farmers market center, which is Route 45 where it intersects with Route 322. In that area Route 45 is also identified as Swedesboro Rd.
As a further point of reference the popular Harrison House diner sits at the front corner of the extended property.
The Mullica Hill Rite Aid is in the center of the crescent-shaped shopping center.
Looking at Google Maps this is a more rural area so the closest options for other pharmacies appear to be the CVS near the Clearview Regional High School, or the pharmacy department at the ShopRite of Mullica Hill.
The Mantua Rite Aid is also on Route 45, but in this area the roadway is identified as Bridgeton Pike.
It is a freestanding building somewhat in front of the former K-mart building. That K-Mary building is now a large Cube Smart storage facility
While it is a nuisance to have to change prescriptions over to a new pharmacy, Mantua area residents do have a close by option with a Walgreens store which is located only 500 feet away, on the other side of Berkeley Rd..
The Williamstown Rite Aid is also a freestanding building and located on the Black Horse Pike/Route 322 roadway, at the intersection with Corkery Lane.
The pharmacy sits on a small commercial plot that also has a PNC Bank location, and a Take 5 Car Wash is also planned for the corner. Directly across the Black Horse Pike is a super Wawa.
Nearby, a CVS pharmacy is located about 1/2 mile north at the front of the Williamstown Plaza. To the South of Rite Aid, the Walmart at the Malaga Rroad intersection also has a pharmacy.
The Lumberton Rite Aid is located in Lumberton Plaza on Route 38, where Eayerstown Rd. intersects.
This store is located close to Mount Holly and Hainesport.
According to Google Maps there are several options in the area including independent Mount Holly Pharmacy almost directly across the street, CVS Pharmacy at the Main Street intersection to the West, a pharmacy in the ShopRite of Hainesport. To the east on Route 38 is the Walmart pharmacy. There are also two other independent pharmacies in the area; High Street and Stines Apothecary.