MONROE, CT — Rite Aid pharmacy has filed for Chapter 11 bankruptcy protection and is closing all of its stores across the country, including its two Monroe locations on Main Street and Monroe Turnpike.
A large yellow banner with black lettering saying “Store Closing” now hangs in front of the Main Street store. A large “Everything Must Go!” 60 percent off sale sign fills one window and lawn signs announcing the closing can be seen around the parking lot.
David Sippin, principal of Sippin Commercial Properties, which owns Stepney Crossing at 435 Main St., said over the past 25 years, the shopping center has had a pharmacy in the space, first a Brook’s Pharmacy, which was later taken over by Rite Aid.
Rite Aid had announced a restructuring plan with store closings early in the spring, but Sippin said the pharmacy giant recently made a second Chapter 11 filing.
“So now all of the stores will close across the country,” he said during a phone interview Wednesday morning. “Our Main Street store is closing now and holding a going out of business sale for everything in the store. The other store across town will close as well.”
Monroe also has a Rite Aid at 508 Monroe Turnpike.
Sippin said Rite Aid is smaller than CVS and Walgreens, though those chains are also having difficulty.
“The pharmacy industry has had problems over the years with too many stores, and increased competition from online retailers like Amazon and Walmart for both the front end retail products and the pharmaceuticals,” Sippin said.
He said Rite Aid had also taken on a lot of debt.
Now a large retail space will be available at Stepney Crossing, which is anchored by M&T Bank with other tenants such as Last Drop Coffee Shop, Polished Nail, Juan’s Taekwondo, the training facility One More Rep, The Next Street Driving School and Takumi Ramen Restaurant.
“Our location at routes 25 and 59 is a very strong one with quality tenants and high traffic volume,” Sippin said. “Stepney Crossing is a vibrant center and we’re very confident we will secure a new tenant. The retail space demand in Monroe is very strong and there are very few spaces available right now.”
First Selectman Terry Rooney said, “Rite Aid served Monroe well for several years and, as we are not pleased to see them closing, this is not new for large corporate operations. I can say the community did use Rite Aid regularly, so this, in my opinion, is thankfully not a local support concern. The community has expressed they will miss Rite Aid, mostly due to their exceptional pharmaceutical care.”
“As this news is disheartening for those that used Rite Aid for years, Mr. Sippin did call me immediately about the closing announcement,” Rooney said. “The Sippin family has a long standing history of caring deeply about what businesses Monroe needs and Mr. Sippin confirmed he will seek to find the best replacement for Rite Aid on Route 25, with a business that the community needs and will welcome.”
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