Major Pharmacy Chain Closes Over 400 Stores, Plans To File For Bankruptcy

  • Rite Aid, a prominent pharmacy chain, is currently in discussions regarding a bankruptcy plan that may result in the permanent closure of a substantial portion of its network of over 2,100 drugstores, sources report.
  • Individuals with knowledge of the company’s negotiations with its creditors revealed to the Wall Street Journal that Rite Aid has put forward a proposal to shutter potentially up to 500 stores as part of its bankruptcy proceedings. Additionally, the plan involves either selling the remaining operations or allowing creditors to assume control.
  • While one faction of bondholders is advocating for a more extensive liquidation of stores, discussions are ongoing to determine the exact number of stores that will be closed, as per the Journal’s report.
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