Nearly 100 Rite Aid locations are closing as a result of its bankruptcy

As part of its reorganization efforts, Rite Aid, which had filed for Chapter 11 bankruptcy protection, is getting ready to close over 100 locations around the country.

According to A&G Real Estate Partners, which is advising the drugstore chain on its real estate assets, the initial tranche of stores to be sold includes both leased and owned locations and is spread across twelve states. Maryland (4), Michigan (16), New Jersey (8), New York (17), Ohio (4), Oregon (2), Pennsylvania (17), New Hampshire (2), Washington (10), Alabama (1), Idaho (1), and California (17 shops) are among the states.

Compared to its rivals, Rite Aid is in far worse financial condition. Rite Aid has lost close to $3 billion in the last six years.

While Rite Aid has managed to acquire $3.5 billion in funding and debt reduction agreements from lenders to help it survive bankruptcy, the firm has announced that it will sell off some of its companies, including prescription benefit provider Elixir Solutions, and expedite store closures. Additionally, bankruptcy may help the business settle its legal challenges for a significantly lower price.