Rite Aid plans to close hundreds of stores as part of bankruptcy, reports say
Drug store chain Rite Aid is negotiating with creditors over a bankruptcy plan that would include liquidation of several hundreds of stores, the Wall Street Journal reported.
Citing people familiar with talks, WSJ said the company has proposed to close roughly 400 to 500 stores and either sell or let creditors take over what’s left of its 2,100 drugstores spread out over 17 states.
No final decisions have been made and plans could change, the report indicates.
In all, Philadelphia-based Rite Aid faces more than $3.3 billion in debt and more than 1,000 federal lawsuits over its alleged role in the opioid epidemic, charges the chain denies.