The recent closings of Rite Aid stores in our area apparently are not the end of the company’s restructuring as it goes through Chapter 11 bankruptcy proceedings, writes Tim Schooley for Pittsburgh Business Times.

On a recent conference call, new Rite Aid CEO Jeffrey Stein didn’t mince words when he warned retail landlords that more store closings will be coming.

He also said that to avoid the chopping block, he is expecting landlords to offer reductions in rent and other cost concessions.

“The reality is our cost structure is unsustainable based on our current earnings profile,” Stein said on the call.

Last year Rite Aid posted a net loss of $750 million.

Stein said, “We intend to close stores and reject leases starting immediately based on this store-by-store analysis.”

He called for an expedited lease negotiation process, saying, “We must make these changes now.”

Read more about Rite Aid’s bankruptcy and plan for closing more stores in Philadelphia Business Journal.

________________