By Nate Delesline III
Source: Retail Dive
Rite Aid is in negotiations with creditors over a plan to liquidate up to 500 of its approximately 2,200 locations in 17 states as part of a possible Chapter 11 filing, The Wall Street Journal reported Friday. The move would shrink the company’s store footprint by nearly one quarter.
The retail pharmacy chain could allow creditors to take over its remaining business or move to sell the company in bankruptcy. News broke last month that Rite Aid is considering bankruptcy. The company has $3.3 billion in debt.