Drugstore chain Rite Aid announced plans Tuesday to close 63 stores across the country as it released fiscal updates to investors.
In a note to investors, the company said it had already begun closing the stores to “reduce costs, drive improve profitability and ensure that Rite Aid has a healthy foundation to grow from, with the right stores in the right locations, for the communities it serves and for its business.”
Rite Aid did not list the specific stores that were closing, but the 63 stores account for just 2% of its approximately 2,500 stores across 19 states, CNN reported.
While Rite Aid specified 63 stores are currently slated to close, it said “the Company anticipates the number of closures to increase as it finalizes the review over the next several months.”
Rite Aid’s announcement comes one month after CVS, another drugstore chain, announced plans to close 900 stores over the next three years, as previously reported.
Rite Aid said the employees at the stores that are closing have been given opportunities to transfer to other stores.
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