Rite Aid files Chap. 11. May close up to 400 stores

[TheFugitive]

Rite Aid has filed for Chap. 11 bankruptcy, citing cash-on-hand of $135 million vs. $3.3 BILLION in debt.

https://www.msn.com/en-us/money/companies/rite-aid-has-filed-for-bankruptcy-what-it-means-for-the-pharmacy-chain-and-its-customers/ar-AA1iiC64

In their filing Rite Aid cited declining sales as well as legal liability resulting from suits filed over the opioid epidemic. The company says it will close underperforming stores.  That number has been reported as being as high as 400.

[Zayre88]

Incredible!  Rite Aid is so big, or was so big.

[TheFugitive]

Incredible!  Rite Aid is so big, or was so big.

When I was with Ames we were an 800 store chain when we filed the first Chapter 11.
Bad debt management will kill off even the biggest chains (Sears-Kmart, etc.)

[TheFugitive]

Bankrupt Rite Aid announces an additional 44 store closings, most of them in Ohio and Michigan.

https://www.msn.com/en-us/news/us/rite-aid-closing-stores-full-list-and-map-of-doomed-locations-announced-in-august-2024/ar-AA1oXITY?ocid=BingNewsVerp