Rite Aid, which had filed for Chapter 11 bankruptcy protection, is now preparing to shed almost 100 stores nationwide as part of its restructuring efforts.The video in the player above is not related to the current story. The ABC7 Bay Area 24/7 streaming channel allows you to see news throughout the day.
The first tranche of stores to be sold - both leased and owned - is located in twelve states, according to A&G Real Estate Partners, which is advising the drug store chain on its real estate portfolio. The states include California , Maryland , Michigan , New Jersey , New York , Ohio , Oregon , Pennsylvania , New Hamphire and Washington , Alabama , Idaho .
The writing has been on the wall for some time for Rite Aid, the third-biggest standalone pharmacy chain in the US, as the entire drug store retail sector struggles to compete with Amazon and big-box chains like Walmart, Target and Costco moving deeper into the space and offering more customer-friendly alternatives to the nationwide pharmacy chains.Rite Aid is in much worse financial shape than its competitors. Over the past six years, Rite Aid has tallied nearly $3 billion in losses.
While it has secured $3.5 billion in financing and debt reduction agreements from lenders to keep the company afloat through its bankruptcy, Rite Aid said it would accelerate store closures and sell off some of its businesses, including prescription benefit provider Elixir Solutions. Bankruptcy could also help resolve the company's legal disputes at a vastly reduced cost.
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