NEWARK, NJ – Hundreds of Rite-Aid stores are shutting down including many in New Jersey, New York and Pennsylvania.
Rite Aid is currently in negotiations with creditors regarding a bankruptcy plan that may result in the closure of a large number of its drugstores. According to a report by the Wall Street Journal, the plan under consideration could close between 400 and 500 of the company’s more than 2,100 stores.
The report suggests that the remainder of Rite Aid’s operations could be sold off or handed over to creditors. The company confirmed that discussions are ongoing and no final decisions have been made.
Rite Aid operates over 2,330 stores across 17 U.S. states. Although a recognizable name, the company’s size pales in comparison to industry competitors such as Walgreens Boots Alliance and CVS Health.