Wednesday, October 18, 2023

Business Wednesday

 

It was really no surprise.  Rite Aid filed for Chapter 11 bankruptcy protection Sunday.  Chapter 11 is a reorganization, not a "going out of business" sale.  However, look at the statistics.  Post Chapter 11 success stories are rare, but it does happen.

Rite Aid will close some stores and get out from under some debt.  Chapter 11 could help lessen the blow from lawsuits alleging the over prescription of opioids.  Good luck with that.

My impression of the company:  bad management.  It's as simple as that.  Some remodeled stores are very nice.  The prices aren't great.  You can do better at the mega big box store.  There are some excellent, helpful, and friendly employees.  On the other hand, there are some bad ones, too.  That is a direct reflection of management.  When the pharmacy says it opens at 8 am, customers expect it to be ready at 8 am.  At the store I deal with, 8 am is merely a rough guideline.  Be happy if there is someone to help at 8:15, and as I've said before, no one goes to a pharmacy for funsies.  They are there because of a medical issue that needs attention.  It is a shame when your time is not valued.  Run the shops better, and you have a decent chance of coming out of this.

You may ask, why not visit a different pharmacy?  Old habits die hard.  There was a good staff here, at one time.  The bottom line is I put up with sub par service because it's a convenient location for me.

I'm really sorry about the Rite Aid issue.  Sadly, a lot of people lose their jobs.  Plus, there is local history.  The first Rite Aid store was in downtown Scranton in 1962.  I wish we placed more of a value on that history rather than the constant worship of an unfunny sitcom, just because it was set in the city.

Unfortunately, I have a feeling there will be a continued shake down in the pharmacy industry.  Amazon has a foot in the door.  The big box stores seem to do a booming business.  There is always a line at their pharmacies.  Plus, the insurance companies want us to do everything by mail.

I really miss the days of walking to the corner mom and pop drug store.