Rite Aid to close stores in 2024: Complete list and locations
In October 2023, Rite Aid filed for bankruptcy after being overwhelmed by billions of dollars in debt. These are the locations that will close in 2024.
When a company cannot pay its creditors but wishes to remain in business, it can file for Chapter 11 of the United States Bankruptcy Law. Through this provision, they are given the opportunity to reorganize their businesses while continuing to operate.
In October 2023, Rite Aid made use of this law after being swamped by billions of dollars in debt.
“Rite Aid periodically evaluates its retail presence to ensure that we are operating efficiently while meeting the needs of our customers, communities, associates and overall business,” the company said through a press release.
“In connection with the court-supervised process, we notified the court of certain underperforming stores that we are closing to further reduce rental expenses and strengthen overall financial performance,” the statement added.
The bankruptcy declaration of the once-mighty pharmacy led to the closure of 380 branches nationwide, of which more than 50 are scheduled for 2024. The state most affected by the shutterings is Pennsylvania, with 43 locations to be closed down in total.
As "store closing" banners went up on the Wallingford Bartell Drugs, Rite Aid turned to liquidators to help shrink its retail footprint. Here's how the Wallingford closure is different from others. https://t.co/NT4YSvjunq