Bankrupt Rite Aid announces new round of store closings in seven states after shuttering 250 locations since October

POPULAR pharmacy Rite Aid has announced it will close a new series of stores across the country.

After recently closing 250 stores, Rite Aid is expected to close more stores in seven U.S. states.

Since last October, Rite Aid pharmacy has closed the doors of hundreds of locations due to financial difficulties.

Sixteen more locations will close while Rite Aid goes through Chapter 11 bankruptcy.

“Rite Aid regularly evaluates its retail presence to ensure we are operating efficiently while meeting the needs of our customers, communities, associates and overall business,” the pharmacy chain said in a statement.

“In connection with the court-supervised process, we have notified the Court of certain underperforming stores that we are closing to further reduce rental expenses and strengthen overall financial performance.”

According to court documents, the states affected by the closures are Pennsylvania, California, Michigan, New Jersey, New York, Ohio and Virginia.

The following locations in each state are scheduled to close.

Pennsylvania:

1. Philadelphia: 4055-89 Market Street
2. Pottsville: 500 North Claude A. Lord Boulevard
3. South Whitehall Township: 1650 North Cedar Crest Boulevard
4. Wayne: 237 East Lancaster Avenue

California:

1. Los Angeles: 11 26 East Avenue
2. Newbie: 910 Diablo Avenue
3. Orange: 1825 East Chapman Avenue

Michigan:

1. Bloomfield Hills: 42931 Woodward Avenue

New Jersey:

1. Barnegat: 895 West Bay Avenue
2. Hackensack: 219 Essex Street
3. Sicklerville: 2090 Erial Clementon Road

new York:

1. Long Beach: 23 East Park Avenue
2. Saratoga Springs: 155 Ballston Avenue

Ohio:

1. Canton: 114 12th Street Northeast
2. Dayton: 3875 Salem Avenue

Virginia:

1. Richmond: 1801 Hull Street

FIGHTS FOR MONEY

Rite Aid is one of the largest pharmaceutical retailers in the US.

However, the chain has had its share of financial problems.

Court documents reveal that Rite Aid has $4 billion in debt, $8.6 billion in total liabilities and $7.65 billion in assets.

The company filed for bankruptcy protection in October, saying it would close underperforming stores, sell its pharmacy benefits company Elixir and resolve its opioid lawsuits.

The US government accused the network of providing illegal opioid prescriptions.

State and local governments, hospitals and consumers have filed more than 1,600 lawsuits against the company.

The pharmacy chain has denied any wrongdoing, saying it hopes to reach an “equitable” settlement of the opioid litigation in bankruptcy by Reuters.

In related news, fashion retailer Express has filed for bankruptcy with more than 100 stores set to close, but executives say it’s still “business as usual.”

Additionally, CCO Joann revealed the fate of 829 stores in a “significant milestone” for the retailer just weeks after filing for bankruptcy.