More store closings to be announced
By Paula Pyzik Scott
On June 17, the Rite Aid pharmacy chain announced the closing of 15 Ohio stores, according to WTOL 11. The June 17 list does not include the Ada, Ohio store.
Rite Aid filed for Chapter 11 bankruptcy protections in October 2023 and has since closed hundreds of stores across the country. Up to 500 store closings are expected.
On May 24, Reuters reported that Rite Aid is close to finalizing post-bankruptcy financing. The company needs to cut $2B in debt. Proposed $20M compensation for CEO Jeffrey Steinbe and thousands of opioid cases are said to have slowed the process.
Rite Aid Corporation was founded in 1962 in Scranton, Pennsylvania. In 1008 there were some 5,00 Rite Aid stores. In 2023, there were some 2,100.
