Rite Aid to Shut Down Hundreds of Stores as a Result of Bankruptcy

Rite Aid, a nationwide retail drugstore chain, recently declared bankruptcy after struggling to stay afloat due to the financial challenges associated with the coronavirus pandemic.

According to news reports, Rite Aid has been forced to make some drastic cuts, including the closing of hundreds of their stores. The drugstore chain‘s chief executive, Heyward Donigan, announced in a statement that the company‘s total closure of stores would be in the "high hundreds," although the exact number of stores targeted for closure has yet to be determined.

Donigan also stated that "the decision to close stores was not made lightly," and added that the store closure will take effect after the company has explored and exhausted other cost-saving options, such as renegotiating lease terms.

The company has had to make other changes to their business model in order to stay afloat during these tough economic times. They implemented measures such as a reduction in operating hours, a decrease in the number of employees, and a single-source supplier program.

Rite Aid also plans to leverage its existing digital capabilities, such as their upgraded mobile app and delivery service, to remain competitive in the retail drugstore industry.

Rite Aid‘s store closure and other financial adjustments are part of the company‘s strategy to help keep their business going during the COVID-19 crisis. With these measures in place, Rite Aid will hopefully be able to stay afloat and continue to provide their retail drugstore services to their customers.