NEW HAVEN, Conn. (WTNH) — Rite Aid is closing over 30 additional locations after closing more than 150 of its stores earlier this year following its Chapter 11 bankruptcy protection filings.
The Philadelphia company, which is marking its 60th year in business, has posted annual losses for several years and has been cutting costs and closing stores as it dealt with long-standing financial challenges. It has said it expects a net loss of as much as $680 million in the current fiscal year, which will end next spring.
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The company, like its rivals, also faces financial risk from lawsuits over opioid prescriptions. Rite Aid already has reached several settlements, including one announced last year with the state of West Virginia for up to $30 million.
After filing for bankruptcy protection in mid-October, the chain announced the closures of more than 150 stores across 15 states. According to court documents filed Tuesday, Rite Aid will close another 31 stores.
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Rite-Aid officials released the following statement regarding the abundance of closures.
“With the support of our lenders, we look forward to strengthening our financial foundation, advancing our transformation initiatives and accelerating the execution of our turnaround strategy,” said Jeffrey Stein, CEO and CRO of Rite-Aid. “In doing so, we will be even better able to deliver the healthcare products and services our customers and their families rely on now and in the future.”
Company officials said “underperforming” locations will close, including the one in New Haven, Connecticut, which is closing under a bankruptcy protection plan.
“We have a lot of people in this community who aren’t necessarily transient in terms of mobility, and so it limits their options,” customer Kevin Walton told Nexstar’s WTNH.
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There is also an economic impact on the community as employees must now find jobs elsewhere.
Here are the newest round of store closures by state:
California
- 1020 Al Tahoe Boulevard, South Lake Tahoe
- 11230 Donner Pass Road, Truckee
- 1475 41st Avenue, Capitola
- 49060 Road 426, Oakhurst
- 5747 Kanan Road, Agoura
- 1350 North Vasco Road, Livermore
- 4980 Freeport Boulevard, Sacramento
Connecticut
- 66 Church Street, New Haven
Maryland
- 1301 East State Street, Delmar
Michigan
- 1301 West 14 Mile Road, Clawson
- 3681 Shawnee Road, Bridgman
Pennsylvania
- 927 Paoli Pike, West Chester
- 821 East Bishop Street, Bellefonte
- 6200 Saltsburg Road, Pittsburgh
- 2545 Aramingo Avenue, Philadelphia
- 330 Cumberland Pkwy, Mechanicsburg
Ohio
- 5033 Suder Avenue, Toledo
- 4332 Cleveland Avenue, NW, Canton
- 501 Water Street, Chardon
Oregon
- 435 Liberty Street, N.E., Salem
- 785 South Columbia River Hwy, St. Helens
Nevada
- 1329 Us Hwy 395 North, #1, Gardnerville
New Jersey
- 93 Atlantic Boulevard, Beachwood
- 121 West Main Street, Moorestown
New York
- 335 Route 25a Miller Place, New York
- 5825-35 Broadway, Bronx, New York
Virginia
- 163 W. Ocean View Avenue, Norfolk
- 7601 Granby Street, Norfolk
- 4501 News Road, Williamsburg
Washington
- 15801 Pacific Avenue, Tacoma
- 1628 5th Ave, Seattle
- 691 Sleater Kinney Road SE, Lacey
Rite Aid has not yet said when these closures will begin.
The Associated Press contributed to this report.
Source: https://t-tees.com
Category: WHICH
