Bargain City

Gray Drug

Company type	Private
Industry	Pharmacy retail
Founded	1912
Founder	Adolph Weinberger
Defunct	1987
Fate	Acquired by Rite Aid
Headquarters	Cleveland, Ohio , United States
Area served	Ohio, Florida, Maryland

Gray Drug was a pharmacy retail chain headquartered in Cleveland, Ohio. Established in 1912 by Adolph Weinberger, the company expanded to operate 46 outlets by 1946 and surpassed 100 locations during the 1970s. Initially concentrated in Ohio, Gray Drug later extended its presence to markets in Florida and Maryland. In 1981, shortly before being acquired by Sherwin-Williams, the chain purchased Drug Fair, which was based in Alexandria, Virginia. Additionally, Gray Drug incorporated several stores from Cunningham Drug into its portfolio in 1982.

Diversifying into discount retailing, Gray Drug acquired Cincinnati’s Rink's Department Store chain in 1964 and subsequently took over the Cleveland-based Bargain City chain in 1967.

The company was ultimately sold to Rite Aid in 1987.

In recent developments, Rite Aid—the successor entity to Gray Drug—filed for Chapter 11 bankruptcy protection in 2023. Subsequently, on May 5, 2025, Rite Aid initiated a second Chapter 11 filing within two years, reporting assets and liabilities ranging between $1 billion and $10 billion. The company attributed this financial distress to factors including high debt levels, intensified competition, and inflationary pressures.