COVID-19 is slowing fading away, and, as it goes, demand for COVID tests and shots is dying too. In its wake, the end of the pandemic is leaving Rite Aid pharmacies struggling, especially since its pharmacy benefits manager, Elixir, is losing some of its client base.

The corporation has already closed 145 stores, resulting in a $749.9 million loss for the end of its fiscal year in March 2023. Its net loss the year before was $538.5 million.

While its chief executive Elizabeth “Busy” Burr says the company is “making progress” in an attempt to stay alive, it still reported fiscal fourth quarter losses of $241.3 million, an amount that Wall Street analysts were not expecting.

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Forbes April 20, 2023