CLEVELAND, Ohio - Rite Aid’s initial list of planned store closings as part of its reorganization under federal bankruptcy protection includes four Ohio stores.
None of the planned closings, however, are in the Cleveland area.
The Rite Aid list of 154 closings filed with the federal bankruptcy court in Trenton, New Jersey, on Tuesday lists these Ohio stores:
- Dayton, 146 Woodman Drive
- Massillon, 3129 Lincoln Way East
- New Carlisle (northeast of Dayton), 120 S. Main St.
- Youngstown, 2701 Market St.
The pharmacy chain announced Sunday that it had filed for bankruptcy protection and obtained $3.45 billion in fresh financing as it carries out a restructuring plan while coping with falling sales and opioid-related lawsuits. It lost $306.7 million in the most recent quarter.
Rite Aid, which employees about 45,000 people, had retail sales last year $17.9 billion. Among the 2,111 stores nationwide are 182 in Ohio.
Founded in eastern Pennsylvania, the company expanded into Ohio in 1987 with its acquisition of the Cleveland-based Gray Drug chain.
Other stores Rite Aid stores are located across the Northeast, Michigan and in the West, with the highest numbers in California (449 stores), Pennsylvania (435), New York (238), Michigan (232) and Ohio with its 182 stores.
Jeffrey Stein, who heads a financial advisory firm, was appointed Rite Aid’s CEO Sunday, replacing Elizabeth Burr, who was interim CEO and remains on Rite Aid’s board.