Dec. 21, 2021 (Gephardt Daily) — Rite Aid announced Tuesday it is closing another 63 stores to save about $25 million per year, CNN reported.
The exact locations of the closing stores weren’t revealed Tuesday, but the company said the closures will help the company “reduce costs, drive improved profitability and ensure that we have a healthy foundation to grow from.”
Rite Aid has approximately 2,500 stores across 19 states, so the closures amounts to just 2% of its retail footprint.
Rite Aid’s store closure follows CVS Health’s recent announcement of the closure of 900 stores over the next three years. CVS explained in November the closures were sparked by “consumer buying patterns,” and that they will begin the clisures next spring.
Gephardt Daily will have more on this developing story as information is made available.
