January 1, 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.

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Rite Aid follows CVS in announcing store closings