Major Pharmacy Chain May Abruptly Close In New York State

There seems to be a pharmacy crisis in New York State. A couple of chain pharmacy stores have closed or plan to close by the end of the year. Now, another pharmacy may abruptly close beginning today.

Walgreens Workers Plan To Strike

Your neighborhood Walgreens may be temporarily closed starting this week. According to CNN, Walgreens pharmacy staff are planning to walk out today, Monday, October 9 through October 11, 2023. Pharmacists, technicians and support staff are going on strike due to working conditions and expectations placed on employees. The organizer of the walk out told CNN,

“We don’t believe that Walgreens is allowing us to give our patients safe care on a daily basis. Walgreens isn’t responding, they’re not fixing those things.”

Around 500 employees have expressed that they plan on striking. The news comes on the heels of two other major pharmacies announcing permanent store closures.

Massive Retailer In New York State To File Bankruptcy, Close Many Stores

Rite Aid is facing thousands of lawsuits due to the opioid epidemic. It is alleged that its pharmacy oversupplied opiate prescription painkillers, although Rite Aid denies any wrongdoing. According to the Wall Street Journal, it is filing for Chapter 11 bankruptcy.

In its Annual Report released in May, Rite Aid said,

Although we believe we have adequate sources of liquidity to meet our anticipated requirements for working capital, debt service and capital expenditures through at least the next twelve months, the costs associated with these legal proceedings are impossible to estimate with certainty, could exceed any applicable insurance coverage, and could significantly impact such liquidity.

According to The U.S. Sun, Rite Aid recently closed a location in Ridgewood, New York. It closed 25 stores earlier this year.

Popular Retailer May Be Closing Many Stores In New York State Soon

With Rite Aid announcing the closing of stores, and now CVS, some cities in New York State may be left with a limited number of pharmacies.

According to The Street, CVS is planning on closing up to 900 stores before 2024, which is only 3 months away. It is launching a new company called Cordavis. CVS has almost 600 stores in New York State, so it is likely that we will have stores that close.

The company had previously announced in 2021 that it would be closing 300 stores,

The company has been evaluating changes in population, consumer buying patterns and future health needs to ensure it has the right kinds of stores in the right locations for consumers and for the business. As part of this initiative, CVS Health will reduce store density in certain locations and close approximately 300 stores a year for the next three years.

The company has already closed a store in Albany.

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