Rite Aid to Close Additional 53 Stores Amid Bankruptcy Restructuring

The closures affect nine states and are part of a strategic move to consolidate operations and manage debts.

Rite Aid's latest store closures are part of an ongoing effort to streamline operations and reduce debt as it continues bankruptcy proceedings.
The affected states include California, Maryland, Massachusetts, Michigan, New Jersey, New York, Ohio, Pennsylvania, and Virginia.
A bankruptcy judge has approved a restructuring plan that might lead to the company's sale, transferring equity to bondholders.
No specific timetable for the closures has been disclosed; however, the company aims to secure final court approval for its restructuring plan by April 22.
Rite Aid has been closing stores since its Chapter 11 bankruptcy filing in October, with hundreds of stores already shut down.