Rite Aid filed for Chapter 11 bankruptcy protection Sunday with plans to close more “underperforming … [+]
Rite Aid filed for Chapter 11 bankruptcy protection Sunday with plans to close more “underperforming stores.”
The financially troubled drugstore chain, which has been losing money for several years now, operates more than 2,200 drugstores across 17 states.
Rite Aid regularly evaluates its store portfolio to ensure it is operating efficiently while meeting the needs of its customers, communities and associates. In connection with the court-supervised process, the Company will continue assessing its footprint and close additional underperforming stores. These efforts will further reduce the Company’s rent expense and are expected to strengthen its overall financial performance.