Five months after filing for bankruptcy — its second Chapter 11 in just eight months — Rite Aid has closed all of its locations, according to a notice on its website. At the time of its filing in May, the drugstore retailer ran about 1,275 stores and three distribution centers in 15 states, employing about 24,500 people. The company blamed its most recent troubles on the retail side of its stores, though its debt load dragged down the entire operation, according to analysts. There has been little to no interest in acquiring Rite Aid’s entire enterprise. CVS, Walgreens and others have taken over about 1,000 Rite Aid stores since this year’s bankruptcy filing, and Dollar Tree is snapping up a few unexpired leases.
Read the full article: Rite Aid Closes All Stores //
Source: https://www.retaildive.com/news/rite-aid-pharmacy-closes-all-stores-bankruptcy/802012/