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December 26, 2021

Rite Aid to Close 63 Stores

By T. Thompson In Latest News with Comments Off on 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.


Source:

Rite Aid follows CVS in announcing store closings

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