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Rite Aid to close almost 100 stores

In connection with the court-supervised process, Rite Aid said it intends to close certain underperforming stores to reduce rent expenses further and strengthen overall financial performance.
Sandra Levy
Senior Editor

Following Rite Aid's filing for Chapter 11 bankruptcy on Oct. 15, the retailer plans to shed almost 100 stores nationwide as part of its restructuring efforts, per an ABC news report, which noted that the first of the stores to be sold—both leased and owned—is located in 12 states, including California (17 stores), Maryland (4), Michigan (16), New Jersey (8), New York (17), Ohio (4), Oregon (2), Pennsylvania (17), New Hampshire (2), Washington (10), Alabama (1) and Idaho (1). 

The list per the ABC report, comes from a combination of those population of leases plus the stores Rite Aid is closing as noted in court filings around its Chapter 11 filing. Many have closed and some will close in the coming weeks. 

[Read more: Rite Aid posts Q4, full-year results]

The spokesperson provided Drug Store News with the following statement: “Rite Aid regularly assesses its retail footprint to ensure we are operating efficiently while meeting the needs of our customers, communities, and associates. In connection with the court-supervised process, we intend to close certain underperforming stores to further reduce rent expense and strengthen overall financial performance."

[Read more: Rite Aid receives court approval of motions supporting business operations

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