Rite Aid is closing 154 stores, including 31 across California, as part of a bankruptcy restructuring plan. The drugstore chain filed for bankruptcy, citing competitive pressures, weakening sales, and debt from lawsuits related to the opioid crisis as reasons for the company’s need for a massive restructuring plan. The closures have already impacted some locations.
In California, the 31 stores set to close are primarily located in Southern California, including 11 stores in Los Angeles County, six in Orange County, four in San Diego County, two in Ventura County, and two in the Inland Empire. Additionally, two stores in the Bay Area, one in Santa Cruz, and one in Monterey, along with two in the Sacramento area, are slated for closure.
A Rite Aid spokesperson stated that customers’ prescriptions from affected stores will be transferred to either a different Rite Aid location or other pharmacies. The company’s decision to close stores is based on factors such as business strategy, lease and rent considerations, local business conditions, and store performance.
Rite Aid filed for bankruptcy with the U.S. Bankruptcy Court for the District of New Jersey, seeking protection to address its financial challenges.