- 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.
