New Rite Aid layoffs, on the record
Every job cut, severance charge and restructuring New Rite Aid reported in its annual reports, 2021 to 2023, quoted from the filings. Headcount went from over 50,000 to over 53,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2021 | over 50,000 | February 27, 2021 |
| 10-K for 2022 | over 53,000 | February 26, 2022 |
Job cuts, severance and restructuring
Our summaryRite Aid initiated a series of restructuring plans beginning in fiscal 2019 to reorganize its executive management team, reduce managerial layers, and consolidate roles.
Word for word“Beginning in Fiscal 2019, we initiated a series of restructuring plans designed to reorganize our executive management team, reduce managerial layers, and consolidate roles.” 10-K for 2021
Our summaryRite Aid announced its RxEvolution strategy, including further reducing SG&A and headcount and integrating certain back office functions in the Pharmacy Services segment.
Word for word“In March 2020, we announced the details of our RxEvolution strategy, which includes building tools to work with regional health plans to improve patient health outcomes, rationalizing SKU's in our front-end offering to free up working capital and update our merchandise assortment, assessing our pricing and promotional strategy, rebranding our retail pharmacy and pharmacy services business, launching our Store of the Future format and further reducing SG&A and headcount, including integrating certain back office functions in the Pharmacy Services segment both within the segment and across Rite Aid.” 10-K for 2021
Our summaryRite Aid's restructuring plan announced in March 2019 produced annual cost savings.
Word for word“As a result of the restructuring that we announced in March 2019, we achieved annual cost savings of approximately $55.0 million.” 10-K for 2021
Our summaryRite Aid implemented further restructuring activities that resulted in additional restructuring charges due to further reductions in corporate staffing levels.
Word for word“We have implemented further restructuring activities in support of our RxEvolution and other initiatives, which resulted in additional restructuring charges due to further reductions in corporate staffing levels, charges associated with rationalizing SKU's in our front-end offering and other operational changes.” 10-K for 2021
Our summaryRite Aid recorded a restructuring charge relating to product lines it exited as part of its rebranding initiative, which reduced gross profit.
Word for word“Gross profit was negatively impacted by a restructuring charge of $20.9 million relating to product lines that we exited and no longer carry as part of our rebranding initiative and a lower LIFO credit in the current year, partially offset by an increase in both pharmacy and front-end gross profit.” 10-K for 2021
Our summaryRite Aid reported restructuring-related costs in its reconciliation to Adjusted EBITDA for fiscal 2021.
Word for word“Restructuring-related costs 84,552 105,642 4,704 Inventory write-downs related to store closings 3,709 4,652 13,487 Litigation settlement — — 18,000 (Gain) loss on sale of assets, net (69,300) 4,226 (38,012) Gain on Bartell acquisition (47,705) — — Other 3,283 5,336 12,104 Adjusted EBITDA from continuing operations $ 437,665 $ 538,211 $ 563,444” 10-K for 2021
Our summaryRite Aid announced further cost-reduction initiatives including closing unprofitable stores, reducing corporate administration expenses, and improving efficiencies in worked payroll and store labor costs.
Word for word“In April 2022, we announced further strategic initiatives to reduce costs through the closure of unprofitable stores, reducing corporate administration expenses and improving efficiencies in worked payroll and other store labor costs as well as expense reductions at our Pharmacy Services segment.” 10-K for 2022
Our summaryRite Aid recorded restructuring-related costs, which the filing reports within its Adjusted EBITDA reconciliation for fiscal 2022.
Word for word“Restructuring-related costs 35,121 84,552 105,642 Inventory write-downs related to store closings 5,298 3,709 4,652 Litigation settlements 50,212 — — Loss (gain) on sale of assets, net 5,505 (69,300) 4,226 Loss (gain) on Bartell acquisition 5,346 (47,705) — Change in estimate related to manufacturer rebate receivables 15,068 — — Other 4,740 3,283 5,336 Adjusted EBITDA from continuing operations $ 505,905 $ 437,665 $ 538,211” 10-K for 2022
| Fiscal year ended | Restructuring charges | Restructuring costs incurred |
|---|---|---|
| 2019-03-02 | — | $4.7 million |
| 2020-02-29 | $105.6 million | — |
| 2021-02-27 | $84.6 million | — |
| 2022-02-26 | $35.1 million | — |
| 2023-03-04 | $108.6 million | — |
New Rite Aid filed 1 restructuring notice (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from New Rite Aid’s annual reports (10-K for 2023, 10-K for 2022, 10-K for 2021) and the financial data it files with the SEC, as of 2023-05-01. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.