By Daniella Genovese | Fox Business
Rite Aid, which filed for bankruptcy twice in two years, will potentially close dozens of additional locations.
The pharmacy chain, which shuttered hundreds of its locations during its first bankruptcy proceeding, is now expected to close 47 stores due to a variety of factors, including financial underperformance and lack of interest from potential buyers. The company has already sold or closed 29 retail locations and entered into agreements to sell the prescription files of 63 additional stores.
It is an about-face from 2023, when the company operated thousands of locations around the U.S. Since then, the debt-laden company has significantly reduced the size of its footprint as part of its turnaround strategy.