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Since filing for Chapter 11 bankruptcy protection last year, Rite Aid has closed nearly 780 pharmacies nationwide – including three dozen locations in New Jersey.
The Philadelphia-based chain has gone through several rounds of closures as part of a court-supervised process that began with its October 2023 bankruptcy filing in United States Bankruptcy Court for the District of New Jersey.
Over the past 10 months, Rite Aid shrank its New Jersey footprint to 61 stores. Locally, the following locations have gone dark:
Barnegat 895 W. Bay Ave.
Bayonne 237 Spring St.
Berlin 186 S. White Horse Pike
Camden 1426 Mt. Ephraim Ave.
Clementon 1360 Blackwood Clementon Road
Hackensack 219 Essex St.
Haddon Township 249 Cuthbert Blvd.
Haledon 431 Haledon Ave.
Hamburg 2 Vernon Ave.
Hazlet 1360 Route 36
Irvington 35 Mill Road
Lake Hiawatha 480 N. Beverwyck Road
Logan Township 335 Village Center Drive
Lumberton 1636 Route 38
Mantua 210 Bridgeton Pike
Manasquan 149 Main St.
Marlton 235 N. Maple Ave.
Medford Taunton Boulevard and Tuckerton Road
Mullica Hill 10 Swedesboro Road
Newark 104 12th Ave.
Newton 237 Spring St.
New Brunswick 366 George St.
North Brunswick 841 Georges Road
Pennsauken 7835 Maple Ave.
Port Monmouth 200 Wilson Ave.
Robbinsville 2370 Route 33
Salem 435 E. Broadway
Sewell 500 Woodbury-Glassboro Road
Sicklerville 2090 Erial Clementon Road
Somerset 773 Hamilton St.
Tinton Falls 431 Haledon Ave.
Toms River 1726 Route 37 E.
Toms River 2 Route 37 E.
West Milford 3 Marshall Hill Road
Whiting (Manchester) 86B Lacey Road
Williamstown 1881 N. Black Horse Pike
Bankruptcy update
When Rite Aid announced its bankruptcy filing, the company said it had a commitment for $3.45 billion in debtor-in-possession financing to support operations throughout the court-supervised process. After that Rite Aid made moves to optimize its vast retail footprint, sell its pharmacy benefit company, and negotiate settlements with lenders and creditors.
During a June court hearing in Trenton, U.S. Bankruptcy Judge Michael Kaplan approved Rite Aid’s bankruptcy plan, allowing the company to cut $2 billion in debt and turn over control of the business to a group of its lenders, Reuters reported.
Rite Aid – which had over 2,100 stores when it filed for bankruptcy – will emerge from the process with about 1,300 locations. As of Aug. 12, the chain has 1,554 stores nationwide, according to its website.
The company expects to exit bankruptcy soon, funded by $2.55 billion in financing from its lenders, Reuters reported.
Rite Aid’s bankruptcy came amid falling sales and heavy debt from 1,600 lawsuits – including one from the federal government – accusing the company of contributing to the deadly U.S. opioid epidemic.
The approved restructuring will provide $47.5 million to junior creditors, including individuals and local governments that sued the company, alleging that it ignored red flags when filling suspicious prescriptions for addictive pain drugs.
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Publish date : 2024-08-12 11:05:00
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