Rite Aid, which owns Bartell Drugs, filed for bankruptcy protection as it deals with losses and opioid-related lawsuits.
WASHINGTON — Rite Aid plans to plans to close about 7% of its stores initially, as the drugstore chain makes its way through itsThe company submitted a list of 154 stores in a court filing. Most of the chain’s stores are on theSeveral locations in New York, New Jersey, Pennsylvania, California and Washington made the list. The company also plans to close some stores in Michigan and Ohio as well.
That filing also noted that the company lost about $1.3 billion in the first half of its fiscal year. That’s more than double the $441 million it lost in the same period during the previous fiscal year.The company said earlier this week that going through its voluntary Chapter 11 process will help significantly cut the company’s debt and resolve litigation “in an equitable manner.”
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.
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Rite Aid lays out plan to close 154 stores initially as it seeks bankruptcy protectionRite Aid plans to plans to close about 7% of its stores initially, as the drugstore chain makes its way through its Chapter 11 bankruptcy process. The company submitted a list of 154 stores in a court filing. Most of the chain’s stores are on the East and West coasts, and the list reflects that.
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Rite Aid lays out plan to close 154 stores initially as it seeks bankruptcy protectionREI says about 275 store workers were laid off on Thursday. A union representing some of those workers calls it a 'callous decision.'
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Rite Aid lays out plan to close 154 stores initially as it seeks bankruptcy protectionRite Aid, which owns Bartell Drugs, filed for bankruptcy protection as it deals with losses and opioid-related lawsuits.
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Rite Aid is closing 154 stores as part of bankruptcyBill Peters is a Los Angeles-based MarketWatch reporter who covers earnings.
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Rite Aid is closing these 154 stores as part of its bankruptcyBill Peters is a Los Angeles-based MarketWatch reporter who covers earnings.
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Rite Aid closing 154 stores in 15 states: Here's the listRite Aid is shuttering over 150 stores as it seeks to restructure their business following years of legal issues tied to the opioid crisis and sagging sales.
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