As part of its bankruptcy process, Rite Aid Corporation has announced that it is closing more than 150 stores throughout the United States. This follows several other store closures and other cost-saving measures that the company has been implementing since it filed for bankruptcy protection in March of 2019.
The numbers of stores being closed is expected to be a mix of both traditional Rite Aid locations as well as stores that are part of parent company Walgreens Boots Alliance. The company has stated that the decision to close stores was made to reduce operating costs and to better align its operations with business goals.
Although the company does not plan to release specific locations until January, the first round of store closures is expected to occur in the first quarter of 2021. Affected locations will begin the process of winding down in the next few weeks.
Rite Aid has gone through several financial and internal challenges that have affected its performance and customer service over the past year. In addition to the store closures, the company has implemented several cost-saving measures, such as reducing store hours and layoffs. It has also taken steps to streamline its product offerings and reduce service fees and loyalty discounts.
Rite Aid does continue to operate over 2,400 stores in the US, so customers in those areas will still be able to access its products and services. The company is also making an effort to circumvent any negative impact the store closures may cause by offering a range of new products and services to its customers.
The Rite Aid store closings are a direct result of its financial situation and are part of its bankruptcy process. Despite this, the company still has plans to remain a competitive player in the retail industry and to continue offering customers quality products and services at competitive prices.