Rite Aid has added its Huntingdon Valley store to the growing list of closures amid its ongoing bankruptcy proceedings, write James Powel and Gabe Hauari for USA Today.
The company, which filed for Chapter 11 earlier this month, has begun the process of closing and selling off stores nationwide. The Huntingdon Valley location joins seven others in Philadelphia, as well as a previously shuttered store in Richboro. Despite the closures, Rite Aid says customers will still have access to pharmacy services, and prescriptions will be transferred to nearby providers.
Rite Aid operates 1,240 stores across 15 states. CEO Matt Schroeder cited intensifying financial challenges driven by changes in the retail and healthcare landscapes. He emphasized that the company’s priorities include maintaining pharmacy access and preserving as many jobs as possible during the transition.
While not all stores are closing immediately, the company’s bankruptcy plan includes initiating closing sales for locations not sold to potential buyers. The company has secured $1.94 billion in financing to keep stores operating for now.
To learn more about Rite Aid’s plans and a full list of closures, visit USA Today.
