Rite Aid closes 39 stores in Michigan and Ohio as part of bankruptcy proceedings

Rite Aid is closing over two dozen stores in Michigan and Ohio as part of its bankruptcy restructuring. The company filed a notice with the U.S. Bankruptcy Court, adding 27 locations to the closure list. This move is aimed at reducing debt and increasing financial flexibility. Rite Aid operates over 1,700 stores nationwide and has been undergoing bankruptcy proceedings since mid-October. The CEO stated that the process will help optimize the company's store footprint efficiently. Additionally, a dozen Rite Aid stores in Michigan are among those set to close, with five in Metro Detroit. The closures come after the company settled opioid lawsuits for up to $30 million in 2022.