By Dianne Yost
The Madison Rite Aid, located at 1770 Eatonton Road, will close in June. Specifically, the pharmacy is closing Monday, June 10 and the store will close about two weeks later around June 23 or 24, said an employee.
A Rite Aid store flyer informs customers that individual pharmacy records will be transferred to Walgreens at 202 North Main Street in Greensboro. The flyer also states that prescriptions may be filled at any other Walgreens location.
The real estate at the location is owned by 1770 Madison LLC, which acquired the location for $4,000,000 in 2017 from RDZ Family Limited Partnership.
About the real estate location, Madison-Morgan County Economic Director and Chamber President Bob Hughes said: “This is a great retail space that will soon be open on the market, and we will make every effort to find a suitable tenant.”
The Madison Rite Aid was included in a 2018 Walgreens Boots Alliance (Nasdaq: WBA) acquisition of 1,932 Rite Aid stores for $4.4 billion. According to reporting by Forbes Magazine in April, Walgreens initially anticipated closing 600 stores following the acquisition but that number has increased to 750.
In 2017, there were 174 Rite Aid stores in Georgia, and according to Rite Aid Director of Public Relations Chris Savarese, all of those Georgia stores were purchased by Walgreens as part of the 2018 acquisition.
Deerfield, Ill.-based Walgreens Boots Alliance reported significantly poor 2019 second quarter results due to “market challenges . . . resulting in the most difficult quarter we have had since the formation of Walgreens Boots Alliance,” Walgreens CEO and Executive Vice Chairman Stefano Pessina said in a second quarter earnings statement. Second quarter earnings fell 14 percent and revenue missed analysts expectations.
Prior to becoming Rite Aid, the Madison store first began operations as Eckerd Drugs in 2005. In 2007, Rite Aid acquired 1,858 Eckerd stores for $3.4 billion. According to the 2013 business license, the store’s name was changed, operating as Rite Aid.
In anticipation of the closure, many of the store’s products are discounted and all cosmetics are currently on sale for 50 percent off.
A call to Walgreens Boots Alliance was not returned as of press time.