Bankrupt Rite Aid announces new round of store closures in seven states after shutting down 250 locations since October | 6326T90 | 2024-05-01 17:08:01
POPULAR pharmacy Rite Aid has announced that it will be closing a new slew of stores nationwide.
After recently shuttering 250 stores, Rite Aid is set to close more stores across seven US states.
Since last October, Rite Aid pharmacy has shut the doors of hundreds of locations due to financial struggles.
Sixteen more locations will be closed as Rite Aid undergoes a Chapter 11 bankruptcy process.
"Rite Aid regularly assesses its retail footprint to ensure we are operating efficiently while meeting the needs of our customers, communities, associates, and overall business," said the pharmacy chain in a statement.
"In connection with the court-supervised process, we notified the Court of certain underperforming stores we are closing to further reduce rent expense and strengthen overall financial performance."
Per court filings, the states impacted by the closures are Pennsylvania, California, Michigan, New Jersey, New York, Ohio, and Virginia.
The following locations in each state are set to close.
Pennsylvania:
- Philadelphia: 4055-89 Market Street
- Pottsville: 500 North Claude A. Lord Boulevard
- South Whitehall Township: 1650 North Cedar Crest Boulevard
- Wayne: 237 East Lancaster Avenue
California:
- Los Angeles: 11 East Avenue 26
- Novato: 910 Diablo Avenue
- Orange: 1825 East Chapman Avenue
<!-- End of Brightcove Player --> Michigan:
- Bloomfield Hills: 42931 Woodward Avenue
New Jersey:
- Barnegat: 895 West Bay Avenue
- Hackensack: 219 Essex Street
- Sicklerville: 2090 Erial Clementon Road
New York:
- Long Beach: 23 East Park Avenue
- Saratoga Springs: 155 Ballston Avenue
Ohio:
- Canton: 114 12th Street North East
- Dayton: 3875 Salem Avenue
Virginia:
- Richmond: 1801 Hull Street
MONEY STRUGGLES
Rite Aid is one of the biggest pharmacy retailers in the US.
However, the chain has had its share of financial troubles.
Court documents reveal that Rite Aid has $4 billion in debt, $8.6 billion in total liabilities, and $7.65 billion in assets.
The company filed for bankruptcy protection in October, claiming it would shutter underachieving stores, sell its pharmacy benefit company Elixir, and resolve its opioid lawsuits.
The US government accused the chain of filling illegal opioid prescriptions.
State and local governments, hospitals, and consumers have filed an additional 1,600 lawsuits against the company.
The pharmacy chain has denied wrongdoing, saying it hopes to reach an "equitable" settlement of opioid litigation in bankruptcy, per Reuters.
In related news, fashion retailer Express has filed for bankruptcy with over 100 stores set to close but execs say it's still "business as usual."
Plus, the Joann CCO revealed the fate of 829 stores in a "significant milestone" for the retailer just weeks after filing for bankruptcy.
More >> https://ift.tt/TKGwQzt Source: MAG NEWS