Rite Aid, the third-largest drugstore chain in the US, has filed for Chapter 11 bankruptcy protection, likely resulting in store closures. Rite Aid's bankruptcy filing was not surprising given its long-standing financial struggles, including consecutive losses, store closures, and a $1 billion charge related to the opioid crisis. The company's downfall can be traced back to its acquisition of other chains in 2007, resulting in significant debt. Rite Aid's deal with Walgreens falling through further destabilized the company. Rite Aid's downsizing will benefit its competitors, but there will still be a demand for physical pharmacies in a smaller format.