National Pharmacy Chain Faces Closures During Bankruptcy Proceedings

Rite Aid plans to close over two dozen stores in Michigan and Ohio.

On Monday, the drugstore chain filed a notice with the U.S. Bankruptcy Court. The filing listed 27 stores on the chopping block.

Twelve of these stores are in Michigan. The remaining 15 are in Ohio.

The company, based in Pennsylvania, has already closed many locations nationwide.

Rite Aid currently operates over 1,700 stores across the country. The closures are part of its ongoing Chapter 11 bankruptcy process.

Since mid-October, the company has been restructuring to cut debt and gain financial flexibility. The goal is to execute key initiatives more effectively.

Rite Aid aims to optimize its store footprint through these proceedings.

"The court-supervised process provides Rite Aid with legal tools to accelerate our footprint optimization in an efficient and orderly manner," said Rite Aid CEO Jeffrey Stein. He added, "We look forward to working closely with our landlords to determine the best path forward for each of our stores."