Rite Aid plans to shut down hundreds of stores in bankruptcy – WSJ

rite-aid-plans-to-shut-down-hundreds-of-stores-in-bankruptcy-–-wsj
Rite Aid plans to shut down hundreds of stores in bankruptcy – WSJ

Rite Aid is currently in negotiations with creditors regarding a bankruptcy plan that would involve liquidating a significant portion of its 2,100+ drugstores, according to sources familiar with the discussions cited by the Wall Street Journal. The company’s proposal includes closing approximately 400 to 500 stores during bankruptcy proceedings and either selling or allowing creditors to assume control of the remaining operations. Rite Aid has clarified that no final decisions have been made as the conversations are still ongoing. While the company operates over 2,330 stores across 17 U.S. states, it is considerably smaller compared to competitors like Walgreens Boots Alliance and CVS Health. This article was reported by Pritam Biswas in Bengaluru and edited by Shounak Dasgupta. It adheres to the Thomson RushHourDaily Trust Principles.

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