The most recent decades have shown that even some of the most reliable retailers can have a hard time staying afloat. It's not uncommon to see companies shutter locations or scale back operations as customers change their preferences and new competitors enter the market. Even standbys like drugstores aren't immune to the pressures of their bottom lines. And now, Rite Aid has announced it's closing 19 more stores months after declaring bankruptcy.
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In a court document filed in New Jersey on Dec. 19, the drugstore chain laid out more than a dozen locations that it plans to shutter across nine states. In the Northeast, Delaware will lose one of its Rite Aid locations in Newark, while New Jersey will lose one of its own in the town of Salem. New York will also lose a location in Brooklyn at 182 Smith Street.
Farther down the coast, Virginia will soon be down three locations after stores close in Portsmouth, Richmond, and Smithfield. Ohio will also lose a pair of Rite Aid stores when locations in Jefferson and North Olmsted go out of business. And in the Midwest, Michigan will lose a location each in Pontiac and the town of Washington.
The West Coast is also losing some Rite Aid stores. California will see a location in Auburn and another in Chino Hills close their doors sometime soon. Meanwhile, Washington is losing a store in Auburn and another in Kirkland to the changes.
However, it's Pennsylvania that will be the most affected by the closures. The state stands to lose five locations, including one in Carnegie, Scranton, Sharpsville, and Williamsport. A store at 230 Hays Avenue in Pittsburg will also close.
The announcement represents the third time this month the store has added to its planned closures. It's the latest addition to the beleaguered drugstore chain's growing list of axed locations across the U.S. after filing for Chapter 11 bankruptcy on Oct. 15.
At the time, Rite Aid said it faced slumping sales and $3.3 billion of debt, per CNN. The company is also under added scrutiny thanks to a lawsuit filed by the U.S. Department of Justice (DOJ) in March, alleging the company had "filled hundreds of thousands of prescriptions that did not meet legal requirements" for highly addictive painkillers.
"Rite Aid has served customers and communities across our country for more than 60 years, and the important actions we are taking today will enable us to move ahead as a stronger company," Jeffrey S. Stein, who was appointed CEO of Rite Aid as part of its restructuring plan, said in a press release.
"With the support of our lenders, we look forward to strengthening our financial foundation, advancing our transformation initiatives, and accelerating the execution of our turnaround strategy," he continued. "In doing so, we will be even better able to deliver the healthcare products and services our customers and their families rely on—now and into the future."
