Rite Aid Considers Closing Up To 500 Stores In Bankruptcy Proceedings

September 25, 2023 / no comments

Rite Aid has proposed closing between 400 and 500 of its stores as part of its bankruptcy proceedings and either selling or turning over the remaining stores to its creditors, The Wall Street Journal reports, citing anonymous sources familiar with the negotiations.
Some of the company’s bondholders want even more closures than that, the WSJ reports.
The pharmacy chain, which has about 2,300 stores in 17 states, is mired in roughly $3.3B in debt and is beset by more than 1,000 lawsuits.
The suits, filed both in federal and state courts, allege that Rite Aid filled unlawful prescriptions for controlled substances, contributing to the opioid crisis…