Rite Aid Is Closing 154 Stores as It Starts to Shed Debt

Source: The New York Times

On Sunday, Rite Aid, once the largest U.S. pharmacy chain, filed for bankruptcy court protection from its creditors and vowed to remake the company as a “modern neighborhood pharmacy.”

Now, in one of its first steps, it says it is closing 154 stores in more than 10 states.

The branches set to be shuttered were detailed in a filing on Tuesday in bankruptcy court in New Jersey. The store closings are meant to help Rite Aid save money on rent and improve its financial footing.

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