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The closures began in November, and associates impacted by the closures are being offered opportunities to transfer to other stores, the company said in a report about its fiscal third-quarter results on Tuesday, Dec. 21.
“Today, we also announced the first phase of a store closure program to reduce costs, drive improved profitability and ensure that we have a healthy foundation to grow from, with the right stores in the right locations, for the communities we serve and for our business," said Heyward Donigan, the president and chief executive officer of Rite Aid. "We have identified an initial 63 stores for closure that is expected to provide an annual EBITDA benefit of approximately $25 million.”
Rite Aid said it expects additional store closures as it finalizes its assessment of its store base.
The specific locations of the stores slated for closure have not yet been announced.
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