WAVERLY, Ohio — Rite Aid is set to close several stores as part of its restructuring efforts following its declaration of bankruptcy. Four of the stores slated for closure are located in Ohio, but none of them are in the southern Ohio vicinity.
The specifics of the store closures in Ohio, as disclosed in the documentation submitted to the bankruptcy court in Trenton, New Jersey, are:
- Dayton at 146 Woodman Drive
- Massillon at 3129 Lincoln Way East
- New Carlisle, situated northeast of Dayton, at 120 S. Main St.
- Youngstown at 2701 Market St.
On Sunday, the pharmacy retailer revealed that they had sought bankruptcy protection. As part of this process, they have secured $3.45 billion in new funds to aid their restructuring endeavors. This move comes amidst declining revenue and ongoing litigation linked to opioids. In the previous quarter, the company reported a loss of $306.7 million.
With a workforce of approximately 45,000, Rite Aid’s annual retail sales amounted to $17.9 billion last year. The company boasts a total of 2,111 stores throughout the nation, with 182 of them being in Ohio.
Rite Aid’s origins trace back to eastern Pennsylvania. Their footprint in Ohio began in 1987 following the purchase of the Gray Drug chain, based in Cleveland. The company’s presence is also significant in other regions like the Northeast, Michigan, and the West. The states with the most Rite Aid outlets include California (449 stores), Pennsylvania (435), New York (238), Michigan (232), and Ohio (182).
Following recent changes in leadership, Jeffrey Stein has taken the helm as the CEO of Rite Aid. He succeeds Elizabeth Burr, who served as the interim CEO and continues to be a part of Rite Aid’s board of directors.
