Sat. May 25th, 2024

NEW YORK — 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 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 drugstore chain on its real estate portfolio. The states include California (17 stores), Maryland (4), Michigan (16), New Jersey (8), New York (17), Ohio (4), Oregon (2), Pennsylvania (17), New Hampshire (2) and Washington (10), Alabama (1), Idaho (1).

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.

Compounding its problems were legal troubles stemming from accusations of filing unlawful opioid prescriptions for customers.

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.

As it reevaluates its portfolio of stores, these are the Rite Aid locations that are currently up for sale in the Tri-State area:

NEW JERSEY LOCATIONS

37 Juliustown Road in Browns Mills, New Jersey

1426 Mount Ephraim Ave. in Camden, New Jersey

1636 Route 38, Suite 49 in Lumberton, New Jersey

210 Bridgeton Pike in Mantua, New Jersey

108 Swedesboro Road in Mullica Hill, New Jersey

Route 33 and Robbinsville- Edinburg Road in Robbinsville, New Jersey

773 Hamilton St. in Somerset, New Jersey

1434 South Black Horse Pike in Williamstown, New Jersey

NEW YORK LOCATIONS

836 Sunrise Hwy. in Bay Shore, New York

452 Main St. in Buffalo, New York

15 Arnold St. in Buffalo, New York

901 Merrick Road in Copiague, New York

577 Larkfield Road in East Northport, New York

2 Whitney Ave. in Floral Park, New York

115-10 Merrick Blvd. in Jamaica, New York

2453 Elmwood Ave. in Kenmore, New York

3131 Hempstead Turnpike in Levittown, New York

700-43 Patchogue-Yaphank in Medford, New York

4188 Broadway in New York, New York

195 8th Ave. in New York, New York

1033 St. Nicholas Ave. in New York, New York

593 Old Town Road in Port Jefferson, New York

101 Main St. in Sayville, New York

65 Route 111 in Smithtown, New York

397 Sunrise Hwy. in West Patchogue, New York

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The post List of Rite Aid store closures in New York and New Jersey appeared first on WorldNewsEra.

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