Rite Aid Closing Over 50 More Stores Across 9 States Amid Ongoing Bankruptcy Proceedings

Rite Aid is closing 53 more stores across 9 states as part of its bankruptcy proceedings. The stores are located in California, Maryland, Massachusetts, Michigan, New Jersey, New York, Ohio, Pennsylvania and Virginia.

Rite Aid filed for bankruptcy in October 2022 to address its high debt levels. The bankruptcy aims to shut down poor-performing locations and sell off non-core businesses.

The initial list of store closures was 154, but has continued growing throughout the bankruptcy process. Rite Aid has declined to provide a public list of the closing locations.

As part of bankruptcy, Rite Aid is finalizing settlements related to legal issues including a Justice Department investigation into its opioid sales.

Rite Aid is seeking final bankruptcy court approval of its restructuring plan on April 22nd. Part of the restructuring involves the $3.15 billion sale of its Elixir pharmacy benefit management business.