Rite Aid plans to close 31 California stores as part of a company-wide bankruptcy restructuring plan, according to a federal bankruptcy filing Oct. 16.
All but seven of the state’s locations slated to close are in Southern California. The troubled retailer plans to close 154 of its 2,100 retail pharmacy outlets nationally.
“Rite Aid regularly assesses its retail footprint to ensure we are operating efficiently while meeting the needs of our customers, communities, and associates,” Rite Aid told The Epoch Times in an email Oct. 18. “In connection with the court-supervised process, we intend to close certain underperforming stores to further reduce rent expense and strengthen overall financial performance.”
The drugstore chain, one of the largest pharmacy retailers in the United States, filed for Chapter 11 bankruptcy protection to deal with high debt, revenue declines, increased competition, and lawsuits over opioid prescriptions, according to court filings in the U.S. Bankruptcy Court for the District of New Jersey.
The company reported a net loss of nearly $307 million, even though prescriptions increased nearly 5 percent in the same fiscal quarter. Prescription sales account for nearly three-quarters of store sales, according to the company.
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