Rite Aid Closing Nearly 100 Stores as Part of Bankruptcy and Restructuring

Rite Aid is closing nearly 100 stores as part of its bankruptcy and restructuring efforts. The stores are located in 12 states.

The pharmacy chain sector is struggling to compete with Amazon, Walmart, Target and Costco.

Rite Aid has lost nearly $3 billion over the past 6 years and has filed for Chapter 11 bankruptcy protection.

As part of restructuring, Rite Aid is accelerating store closures and selling off some businesses including Elixir Solutions.

Bankruptcy could help Rite Aid resolve legal disputes over unlawful opioid prescriptions at a lower cost.