Rite Aid filed for Chapter 11 bankruptcy in New Jersey on Sunday and said it would begin restructuring to reduce its debt.
The big question this morning is what stores will close and which will remain open.
The location off of Route 51 in Overbrook has already closed. It’s one of up to 500 stores nationwide slated to shut down.
The company is $3.3 billion in debt and has over 1,000 federal lawsuits alleging they oversupplied opioids, according to experts. And growing cheaper competition from retailers like Amazon, Walmart and Target contributed to slow sales.
Just last month we were inside the Rite Aid in Murrysville, which was scheduled to close in days. Shoppers there had no idea their neighborhood drugstore would be shutting down.
The company has not yet released a full list of store closures.
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