The Rite Aid at the corner of Route 281 and Route 222 has been spared the ax, for now. Rite Aid officially released their list of store closings in court filings, according to Business Insider.
Rite Aid plans to close 150 stores as part of their Chapter 11 bankruptcy. Stores that are planned to be closed were cited as underperforming in the court filing. Reports from the Wall Street Journal said Rite Aid could close up to 500 stores from their bankruptcy.
“Rite Aid regularly assesses its retail footprint to ensure we are operating efficiently while meeting the needs of our customers, communities, and associates. In connection with the court-supervised process, we intend to close certain underperforming stores to further reduce rent expense and strengthen overall financial performance.” Rite Aid said in a statement to X101 News.
Information regarding the recent Chapter 11 Bankruptcy and what the company has been doing to improve finances may be found HERE.