Rite Aid Announces 31 More Store Closings across 12 States

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2ND ROUND OF AID

Rite Aid, the pharmacy retailer currently undergoing bankruptcy restructuring, has announced the closure of another 31 stores across 12 states. (Read Here)

RITE AID: Pharmacy retailer Rite Aid undergoes another round of store closings, filing for bankruptcy and shutting down 31 stores in 12 states.

Store Closings: Rite Aid closes 31 stores across California, Connecticut, Maryland, Michigan, New Jersey, New York, Nevada, Ohio, Oregon, Pennsylvania, Virginia, and Washington.

Bankruptcy Filings: Rite Aid files for bankruptcy and plans to close a total of 154 locations across 17 states, with the highest number of closures in Pennsylvania, New York, and California.

Restructuring Efforts: Rite Aid works on restructuring its debt under the leadership of CEO and chief restructuring officer, Jeffrey S. Stein. Stein is also a member of the board of directors and the founder of Stein Advisors LLC, a financial advisory firm.

Expansion Plans: Despite the store closings and bankruptcy filing, Rite Aid announces the expansion of its distribution center in Des Moines, Washington.

Store Locations: Here is a list of the 31 Rite Aid stores that are currently reported to be closing (Click here for the address list)

🧠 EDITOR’S THOUGHTS

Trappin’ Ain’t Easy: Although pharmacy net leased properties are facing many challenges today, they remain a popular asset in the net lease market due to their inherent real estate fundamentals. They’ve got large lots on busy, corner locations. Unfortunately, those long-term NNN leases with rental increases are losing value and many retailers want smaller-footprint prototype stores nowadays.

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