Rite Aid reportedly eyeing store closures as part of bankruptcy plan
The retailer may close as many as 500 stores.
As part of its reorganization efforts, Rite Aid is eying the closure of up to 500 stores, per The Wall Street Journal.
The retailer is reportedly negotiating with creditors over the terms of a bankruptcy plan that would include liquidating around a ⅕ of its retail footprint of more than 2,000 stores, the Wall Street Journal reported, citing people familiar with the talks.
The company would either sell or let creditors take over its remaining operations, according to the report.
The expected Chapter 11 filing would cover Rite Aid’s more than $3.3 billion debt load and pending legal allegations that it oversupplied prescription painkillers.