Posted on 09/24/2023 7:13:22 AM PDT by Libloather
Pharmacy giant Rite Aid is negotiating terms of a bankruptcy plan that could see a significant number of its more than 2,100 drugstores permanently close, according to a report.
People familiar with the company's talks with creditors told the Wall Street Journal that Rite Aid has proposed to close as many as 500 stores in bankruptcy, and either sell or let creditors take over its remaining operations.
One group of bondholders wants to liquidate a larger number of stores, and there is an ongoing discussion on the number of stores to be closed, the Journal reported.
Given the conversations remain ongoing, no decisions have been made at this time, Rite Aid said in a statement to Reuters.
The Philadelphia-based company operates more than 2,330 stores in 17 U.S. states, although it is much smaller than rivals such as Walgreens Boots Alliance and CVS Health.
The Wall Street Journal previously reported that Rite Aid plans to file for bankruptcy protection as the company faces more than $3.3 billion in debt and over a thousand federal lawsuits over its alleged role in the opioid epidemic.
(Excerpt) Read more at foxbusiness.com ...
Yeah, I see stores listed on AppleWay and Canfield. I never patronize Target anymore except when my girlfriend picks up prescriptions at the N. Division store: CVS is the only pharmacy option in her insurance plan (civilian job on military base).
I’ve seen a CVS ad like that.
I avoid Target as much as I can. I just went into Fred Meyer for the first time in five years. I was REALLY impressed with the store and will make it my go-to place from now on.
Yep, good store, one of the better Kroger subsidiaries. Have one a half mile from my house along bike trail. Insider’s Hot Tip: Deli puts all hot table items on 50% markdown at 7 PM. Often a short line of regulars gets there at 6:55 including me. Fried and baked chicken pieces and potato wedges among favorite items. Chicken breast (pretty good sized) is $1.50.
Never been in any of those stores...........
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