Ceremony Assist has closed about 200 shops since its submitting two months in the past for Chapter 11 chapter safety with probably extra retail places to shut in coming weeks and months.
When Ceremony Assist filed for chapter safety in mid-October the pharmacy chain didn’t say at the moment what number of shops would shut. “In reference to the court-supervised course of, the Firm will proceed assessing its footprint and shut further underperforming shops,” the corporate stated on the time.
However the firm’s website says Rite Aid now operates greater than 1,900 drugstores throughout 16 states, in response to the newest tally on the corporate’s web site December 28. That determine is down 200 shops from the date of the chapter submitting October 15 when the corporate stated it operated greater than 2,100 retail pharmacy places throughout 17 states.
“Ceremony Assist repeatedly assesses its retail footprint to make sure we’re working effectively whereas assembly the wants of our prospects, communities, associates and total enterprise,” Ceremony Assist stated Thursday afternoon in an announcement. “In reference to the court-supervised course of, we notified the Court docket of sure underperforming shops we’re closing to additional cut back lease expense and strengthen total monetary efficiency. Presently, we’ve not made or confirmed any selections on further particular retailer closures as a part of our monetary restructuring course of.”
In a submitting earlier this month in U.S. Chapter Court docket in New Jersey, the company revealed an additional 12 store closures. That group was preceded in November by a court docket submitting documenting 31 retailer closures. And in late October, Rite Aid provided U.S. Bankruptcy Court with an preliminary listing of 154 shops marked for closure.
Earlier than the October chapter submitting, Ceremony Assist in July confirmed the closure of one other 25 shops in its fiscal first quarter that ended June 3. That disclosure was made throughout a call to discuss quarterly earnings and an up to date monetary outlook that projected wider losses for fiscal 2024. These closures are on prime of the 145 unprofitable shops that Ceremony Assist introduced in 2021 that closed from late 2021 all through final yr.