In an attempt to cut down on costs and offset an expected revenue reduction, Rite Aid announced a change in its structure that should eliminate erroneous roles and consolidate responsibilities in the pharmacy chain. That means they will cut about 400 jobs, which is about 20 percent of corporate positions. This change will lead to cost savings of $55 million overall, most of which will be seen by 2020.
Along with this major change in staffing, the CEO, John Standley will step down and several other high-level individuals will be changing their positions, some being promoted and some leaving the company. This restructuring is intended to put Rite Aid more in line with the size of their current operations and set up future success for the company.
Not long after the announcement of this restructuring plan, Rite Aid shareholders approved a reverse stock split, with the final decision of the split ratio, which could involve consolidating 10, 15 or 20 shares into one, to be decided at a later date. The goal of this split is to ensure compliance with the New York Stock Exchange rules that require a price remains at $1 for thirty trading days straight.
As Rite Aid continues to try to make their operations more profitable and streamlined, it’s important that consumers understand these changes and what effects they may have on pharmacy services. Although price adjustments may be a potential result of changes made at any business, you don’t have to worry about overpaying for your prescription drugs at Rite Aid, or any other pharmacy for that matter.
RxLess helps you find prescription discount cards for all FDA-approved medications. Whether you’re trying to save on something to help with the flu such as Tamiflu or something to treat a serious condition like Advair, we can help you find a discount you can use at Rite Aid or another pharmacy you frequent. All you have to do is head over to our site and search for your medication in the search bar. Then find your medication, dosage, and pharmacy and download the card. Show the savings card on your phone to the pharmacist and you’ll pay the discounted price. You only have to pay at the counter when you pick up your medication. In some cases, the discounted price may be even less than what you’d pay with insurance.