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Major Drug Store Closes 114 Stores


Your local Rite Aid may soon close.

Pharmaceutical Chain Rite Aid has announced it will close 114 of its stores across the United States.

The move by Rite Aid comes after the store filed for Chapter 11 bankruptcy twice in the last year.

Fox Business reported more on Rite Aid’s decision to close the stores and which locations will be impacted:

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Rite Aid, which filed for bankruptcy protection twice in less than two years, is shuttering dozens of additional stores from its existing portfolio.

A bankruptcy court in New Jersey approved an order earlier this month allowing Rite Aid to move forward with plans to close 114 additional stores and sell its assets as part of its second bankruptcy proceedings.

The closures are taking place in Pennsylvania, California, New York, Washington, New Jersey, Maryland, Vermont, Connecticut, Delaware, New Hampshire, Idaho and Ohio, according to a filing with the United States Bankruptcy Court for the District of New Jersey. However, the majority of the closures are concentrated in Pennsylvania.

Rite Aid announced Chapter 11 proceedings in May, only eight months after exiting its first bankruptcy protection.

Fast Company reported that Rite Aid is in the process of closing over 1,000 stores:

The number of Rite Aid stores marked for closure just hit a grim milestone.

In a bankruptcy court filing last week, the ill-fated pharmacy chain disclosed another 123 locations that will close their doors as it works through its Chapter 11 proceedings and commences with a full wind-down of its operations.

With this latest list, Rite Aid has now marked more than 1,000 locations for closure since it filed for bankruptcy in early May. At the time of its original filing, Rite Aid said it had 1,277 pharmacies in operation.

The shutterings have been happening for several weeks. In previous bankruptcy filings, Rite Aid has posted no fewer than eight notices of store closures, in addition to the initial notice of closures it posted when it first sought Chapter 11 protection. You can find lists of its previous closure notices below:

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May 5: 47 initial locations

May 9: 68 additional locations

May 16: 95 additional locations

May 23: 151 additional locations

May 30: 111 additional locations

June 5: 25 additional locations

June 6: 207 additional locations

June 13: 125 additional locations

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June 20: 118 locations

June 27: 123 locations

Real estate agents are even putting up some locations for lease:

Other locations have had major closeout sales:



 

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