Philadelphia-based Rite Aid has said since it filed for Chapter 11 bankruptcy seven months ago that it will close more than 520 locations, according to a Bloomberg News analysis of court records.
When Rite Aid filed for bankruptcy, it had about 2,100 stores across the U.S. Closures have occurred since then in multiple states including Pennsylvania, New Jersey, New York, Ohio, California, Massachusetts, Michigan, Virginia and Maryland.
A representative for Rite Aid declined to comment to Bloomberg News on the closings.
The closings come as Rite Aid is going through a financial restructuring process to exit bankruptcy.
A statement shared with Becker's in April said that the chain regularly reviews its retail footprint and that the chain "notified the court of certain underperforming stores we are closing to further reduce rent expense and strengthen overall financial performance."
As of May 3, bondholders agreed to provide the company with $57 million in exchange for taking business out of bankruptcy, lawyers have said, according to Bloomberg News. The publication also reported that Rite Aid, which was sued by the Justice Department over allegedly filling prescriptions that failed to meet legal requirements, has also reached agreements with government authorities and others representing opioid victims and other tort claimants.
Rite Aid currently has about 1,700 retail pharmacy locations in 16 states, according to its website.