About
Rite Aid Corporation is an American drugstore chain based in Philadelphia, Pennsylvania. It was founded in 1962 in Scranton, Pennsylvania, by Alex Grass under the name "Thrift D Discount Center". Prior to its first bankruptcy in 2023, it was the third-largest drugstore chain in the United States. The company had more than 1,200 stores in 15 U.S. states, primarily on the East and West coasts. The numbers have gone down rapidly because of the bankruptcy they have had. After several years of growth, Rite Aid adopted its current name and debuted as a public company in 1968. Rite Aid was publicly traded on the New York Stock Exchange under the symbol RAD, and ranked No. 148 in the Fortune 500 in 2022. The company filed for Chapter 11 bankruptcy twice, in October 2023 and May 2025, due to a large debt load, thousands of lawsuits alleging involvement in the opioid crisis, and a failed restructuring. The company has been closing stores rapidly across America since. Read more
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