Rite Aid has more than 2,000 stores in 17 states – but may soon have far fewer. Late Sunday night, the drug store chain filed for bankruptcy, in an effort to “accelerate its ongoing business transformation” and “position the company for long-term success.”
And that “success” may come only after closing hundreds more stores.
The company promises it will be business as usual, for the most part, as it has secured $3.45 billion in new financing to help it get through the Chapter 11 bankruptcy process. But it may not be business as usual for many of its locations. Here’s the Coupons in the News link to the story.