Rite Help is closing 27 far more areas as it proceeds to function through a personal bankruptcy proceeding, according to a new court docket filing.
The store spots are in Ohio and Michigan. Additional than 520 have been shut because Ceremony Support filed for reorganization in Oct 2023 — about a quarter of its footprint. The the vast majority of closures have generally transpired in the Pennsylvania-primarily based drugstore’s household point out and neighboring kinds, with additional than 100 also hitting California, Bloomberg knowledge showed.
Ceremony Help has been unable to maintain up with levels of competition from CVS, Walgreens and Goal. In its preliminary Chapter 11 filing past slide, Ceremony Help CEO Jeffrey Stein stated the chain was “burdened by unprofitable stores” personal bankruptcy proceedings typically permit corporations to exit leases cheaply.
Rite Assist has obtained extra than $100 million in funding to exit the bankruptcy proceedings, but the most current closure bulletins suggest it however faces hurdles in finding official approval to do so.
