Rite Aid on Monday filed a “notice of additional closing stores' identifying 27 locations in Michigan and Ohio that it has added to the chopping block.
Rite Aid is looking to close over two dozen more stores in two states. The drugstore chain on Monday filed a "notice of additional closing stores" with the U.S. Bankruptcy Court of the District of New Jersey, identifying a total of 27 locations in Michigan and Ohio that it has added to the chopping block. Of those, 12 are in Michigan, according to the filing. The other 15 are located in Ohio.
The company, headquartered in Pennsylvania, has closed a slew of locations across the country while in Chapter 11 bankruptcy. Rite Aid operates over 1,700 stores across the country, according to its website. It has been undergoing bankruptcy proceedings since mid-October, when it announced its decision to pursue Chapter 11 as part of a restructuring to "significantly reduce the Company’s debt, increase its financial flexibility and enable it to execute on key initiatives." Rite Aid said the proceedings would involve continued store footprint optimization.
The court-supervised process provides Rite Aid with legal tools to accelerate our footprint optimization in an efficient and orderly manner," Rite Aid CEO Jeffrey Stein said at the time. "We look forward to working closely with our landlords to determine the best path forward for each of our stores."
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