Rite Aid Corporation plans to close all its remaining New York stores as part of its bankruptcy reorganization strategy. The national drugstore chain, which operates 178 stores in the state and 1,240 nationwide, filed for Chapter 11 bankruptcy protection. This marks the company’s second bankruptcy filing within two years. As part of the reorganization, Rite Aid will close all distribution centers, and its New York stores will either shut down or transition to new ownership. Employee layoffs are expected to begin on June 4. CEO Matt Schroeder emphasized the company’s commitment to maintaining pharmacy services and preserving jobs where possible. Rite Aid’s financial instability has been exacerbated by rising retail theft post-pandemic, contributing to its decision to file for bankruptcy again.
— new from qns.com
