Rite Aid to Close 63 Stores
Rite Aid announced the closing of another 63 of its stores to save roughly $25 million annually.
The company didn’t disclose which locations, but it said the closures will help the chain “reduce costs, drive improved profitability and ensure that we have a healthy foundation to grow from.”
The company reported a net loss of about $36 million for continuing operations and a 1.8% increase in revenue from the prior year in the third quarter. It anticipates closing the stores will increase its earnings before taxes by about $25 million a year.
Rite Aid has approximately 2,500 stores across 19 states, so the closures amount to just 2% of its retail footprint.
The closures follow CVS Health’s recent announcement that it’s closing 900 stores over the next three years, starting next spring.