In 2025, Rite Aid emerged from its Chapter 11 restructuring with a significantly leaner operation and a new owner: a consortium led by Cigna’s Evernorth health services division and the private equity firm Clayton, Dubilier & Rice (CD&R).
Evernorth, Cigna’s health services arm, had long been eyeing Rite Aid’s Elixir PBM. Elixir, while facing challenges, possessed a significant book of business and a valuable infrastructure.
This wasn’t simply about a larger company swallowing a smaller one; it was about strategically dismantling and repurposing Rite Aid’s assets to maximize value and ensure the survival of its core pharmacy business.
So yeah, they bought the part of the business they give a shit about and are systematically closing the rest of the business, a.k.a. brick and mortar stores.
Private equity don’t really give a shit about that fixing any lthing. So they print a bunch of corporate word salad mumbo-jumbo about how they’re gonna fix shit and when it doesn’t work out, they’re like yep we got the money that we want and the business part that is valuable. Fuck the rest of it. Who cares if there’s another food desert, or whatever the medical equivalent is, and all the rural towns at the rely on these pharmacies for medication.
Yes they had debt before, that’s why they went bankrupt in the first place. Now they are going bankrupt because private equity decided to buy the business and sell off what they don’t want.
Private Equity?
So yeah, they bought the part of the business they give a shit about and are systematically closing the rest of the business, a.k.a. brick and mortar stores.
Private equity don’t really give a shit about that fixing any lthing. So they print a bunch of corporate word salad mumbo-jumbo about how they’re gonna fix shit and when it doesn’t work out, they’re like yep we got the money that we want and the business part that is valuable. Fuck the rest of it. Who cares if there’s another food desert, or whatever the medical equivalent is, and all the rural towns at the rely on these pharmacies for medication.
I guess Walmart pharmacy wins by default.
Private equity bought them after they filed for bankruptcy. Doesn’t explain how the were $2B in debt before the chapter 11
https://tinygrab.com/who-bought-rite-aid-in-2025/
Yes they had debt before, that’s why they went bankrupt in the first place. Now they are going bankrupt because private equity decided to buy the business and sell off what they don’t want.