September 23, 2023 2:55pm EDT
Rite Aid to close hundreds of stores in bankruptcy: report
Rite AId will reportedly close 400 to 500 stores as it plans to file for bankruptcy, the Wall Street Journal reported
By Chris Pandolfo FOXBusiness
Pharmacy giant Rite Aid is negotiating terms of a bankruptcy plan that could see a significant number of its more than 2,100 drugstores permanently close, according to a report.
People familiar with the company's talks with creditors told the Wall Street Journal that Rite Aid has proposed to close as many as 500 stores in bankruptcy, and either sell or let creditors take over its remaining operations.
One group of bondholders wants to liquidate a larger number of stores, and there is an ongoing discussion on the number of stores to be closed, the Journal reported.
Given the conversations remain ongoing, no decisions have been made at this time, Rite Aid said in a statement to Reuters.
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https://www.foxbusiness.com/retail/rite-aid-close-hundreds-stores-bankruptcy-report