CVS, Walgreens and Rite Aid are closing thousands of stores. Here’s why

Rite Aid, the third largest standalone pharmacy chain, filed for bankruptcy Sunday and will reportedly close roughly 400 to 500 of its approximately 2,200 stores. The move comes amid walkouts by Walgreens pharmacists and technicians around the country and at CVS stores in Kansas City over low pay and understaffed stores.

According to a CNN report, the three chains face rising competition from Amazon, big-box stores with pharmacies like Walmart, and Dollar General in rural areas – and profits have continually declined as reimbursement rates for prescription drugs have been reducing.

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