Rite Aid is going to close five stores in Pennsylvania and 25 other stores in different parts of the country. This is in addition to the approximately 200 stores that Rite Aid has already closed across the country after filing for bankruptcy protection last year. The latest court documents reveal that several Rite Aid stores in the Keystone State will be closing at some point this year.
- 6201 Germantown Ave., Philadelphia, PA
- 120 South Mill Road, Kennett Square, PA
- 118 Eagleview Blvd., Exton, PA
- 6731 Woodland Ave., Philadelphia, PA
- 2131-59 North Broad St., Philadelphia, PA
Here are the store closures and when they will be closing, as reported earlier this week:
- 6731 Woodland Ave., Philadelphia — May 16
- 6201 Germantown Ave., Philadelphia — May 16
- 2131-59 N. Broad St., Philadelphia — May 16
- 118 Eagleview Boulevard, Exton, Pennsylvania — May 16
- 104 E. Third St., Bethlehem, Pennsylvania — TBD
- 10 S. Center St., Pottsville, Pennsylvania — April 12
- 7835 Maple Ave., Pennsauken, New Jersey — May 16
The closures are happening because the drugstore chain is having financial difficulties. They filed for Chapter 11 Bankruptcy last October and said they would close 150 stores. Rite Aid has announced that it will close 431 stores after filing for bankruptcy.
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The company based in Philadelphia has been losing money for a few years. It, like other companies in the same industry, is at risk of facing financial problems due to lawsuits related to opioid prescriptions.
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According to its website, the chain has 1,704 stores in the United States. The number was approximately 4,600 in 2013, as reported by Business Insider. In 2017, around 2,000 stores were sold to Walgreens. This happened because a deal to sell the drugstore chain to a different company was stopped by government regulators.
“Rite Aid regularly evaluates its stores to make sure we are running efficiently and meeting the needs of our customers, communities, employees, and overall business,” a spokesperson from Rite Aid told Business Insider. “As part of the process overseen by the court, we informed the Court about some stores that are not doing well and that we are closing. This is to lower our rent costs and improve our overall financial performance.”
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