Rite Aid to Close State College Area Store
Rite Aid plans to close one of its State College area stores as part of its recent Chapter 11 bankruptcy filing.
The Rite Aid store in the Hills Plaza at 1927 S. Atherton St. is among 17 nationwide listed for closure in a document filed Thursday in U.S. Bankruptcy Court of New Jersey. Since filing for bankruptcy protection in October, the Philadelphia company has identified more than 180 stores for closure amid its restructuring.
It was not immediately clear when the Hills Plaza store would close. Rite Aid operates three other stores in Centre County — two in State College and one in Bellefonte.
The 60-year-old company, which has more than 2,100 stores in 17 states, said in October that the restructuring would “significantly reduce” the its debt, close underperforming stores and “resolve litigation claims in an equitable manner.”
Rite Aid’s ongoing financial challenges include an anticipated net loss of up to $680 million for the current fiscal year. It also faces lawsuits in multiple states related to opioid prescriptions. On Thursday, the company filed a complaint in bankruptcy court seeking to stop a U.S. Department of Justice lawsuit from proceeding while it is bankrupt.
An initial wave of 154 store closures announced in October included 40 in Pennsylvania. Additional closures have been identified in court filings over the last month.