Rite Aid Corporation

RAD

Market cap $36.8M

Rite Aid, which filed for bankruptcy protection twice in less than two years, is shuttering dozens of additional stores from its existing portfolio.

Rite Aid is reportedly closing additional stores while handing off business to rivals. The drugstore chain, which recently filed for bankruptcy for the second time, has revealed 95 locations it wants to shut down, Fast Company reported, citing a court filing.

The sale agreements follow its second bankruptcy filing in two years.

The company was unable to secure additional capital from lenders that was needed to continue operating the business, Bloomberg reported, citing a letter from CEO Matthew Schroeder.

Rite Aid has announced a leadership transition as it emerges from Chapter 11 bankruptcy. Jeffrey S.

Rite Aid has selected long-time company executive Matt Schroeder as the company's new chief executive officer as the company exits federal bankruptcy protection.

Rite Aid said the proceedings would involve continued store footprint optimization.

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The stores, listed in a recent bankruptcy filing, are largely concentrated on the West Coast, Northeast, Pacific Northwest, and Midwest regions. Back in October, Rite Aid announced it would be closing at least 150 stores due to its bankruptcy.

SAN DIEGO--(BUSINESS WIRE)--The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Rite Aid Securities Litigation: UNITED STATES DISTRICT COURT MIDDLE DISTRICT OF PENNSYLVANIA DOUGLAS S. CHABOT, et al., Individually and on Behalf of All Others Similarly Situated,   Civ. Action No. 1:18-cv-02118-JPW       Plaintiffs,   CLASS ACTION     vs.       WALGREENS BOOTS ALLIANCE, INC., et al.,     Defendants.   SUMMARY NOTICE IF YOU PURCHASED OR ACQUIRED RITE AID CO.