Update 3/4/2024: As part of its financial reorganization, Rite Aid plans to close an additional 77 stores this year, according to multiple media reports. When it officially entered bankruptcy in October 2023, Rite Aid said it planned to close 154 underperforming stores, and in December 2023 multiple sources reported that Rite Aid planned to close an additional 31 locations. According to the Rite Aid site, the pharmacy retailer currently operates just over 1,700 stores across the country. California will see the most store closures (21), followed by 10 stores closing in Ohio and nine in New York.
Original story published 12/1/2024 begins: Rite Aid plans to close an additional 31 stores across 12 states as part of its bankruptcy restructuring, multiple sources report. These closures join the 154 store closures that the pharmacy chain announced in October 2023.
Despite these 31 additional stores, the total number of closures announced thus far is still significantly lower than the 400 to 500 stores originally predicted to be on the chopping block. After this latest round of closures Rite Aid will have approximately 2,000 stores remaining across the U.S., according to CNN.
Since filing for Chapter 11 in October, the company has undertaken a robust financial restructuring that has included the appointment of Jeffrey Stein, Founder of the financial advisory firm Stein Partners, as its new CEO, Chief Restructuring Officer and member of the board of directors.
Of the 31 additional stores set to be closed, seven are in California, four are in Pennsylvania, three each are in Ohio, Virginia and Washington, two each are in Michigan, New Jersey, Oregon and New York, and one store apiece will be closed in Connecticut, Maryland and Nevada, CNN reported.
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