Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

Rite Aid filed for Chapter 11 bankruptcy protection Sunday and disclosed plans to close additional “underperforming stores.”

The financially troubled drugstore chain, which has been losing money for several years now, operates more than 2,200 drugstores across 17 states. Already, Rite Aid in July confirmed the closure of another 25 stores in its fiscal first quarter that ended June 3. That disclosure was made during a call to discuss quarterly earnings and an updated financial outlook that projected wider losses for fiscal 2024. Those closures are on top of the 145 unprofitable stores that Rite Aid announced in 2021 that closed from late 2021 throughout last year.