Two Rite Aid stores in New Jersey have closed and one more will be shutting down soon as the company contemplates a Chapter 11 bankruptcy filing, which could provide a legal shield against ongoing lawsuits related to opioids.
The initial news of Rite Aid’s potential bankruptcy came from a Wall Street Journal report, suggesting the possible closure of up to 400 locations across the country.
Financial statements indicate that Rite Aid saw a net loss of $307 million in the most recent fiscal quarter, a substantial increase from last year’s $110 million loss.
According to corporate filings, New Jersey has a total of 105 Rite Aid locations. Recent closures include a Morristown location at 213 South Street, which ceased operations on September 12. A Denville store at 123 East Main Street has also closed its doors. A Toms River store, located at 1726 Route 37 East, is scheduled to shut down on September 25, as verified by a company spokesperson.
The uncertainty surrounding Rite Aid’s financial situation places additional New Jersey stores at risk of closure.