Credit: Tom Sofield/NewtownPANow.com
Rite Aid, the Philadelphia-based pharmacy chain, plans to close a store in Lower Bucks County, but the Newtown Township is slated to stay open.
The Rite Aid in the Goodnoe’s Corner shopping center is slated to remain open and was not listed as being up for closure.
According to Chapter 11 bankruptcy protection documents filed earlier this week, the store in the Thornridge Shopping Center along New Falls Road in the Levittown section of Falls Township will close. The exact closure date remains uncertain.
Rite Aid still operates nearby locations in Middletown Township and Northampton Township.
On Sunday, Rite Aid revealed its filing for Chapter 11 bankruptcy protection, aiming to address litigation claims from a federal lawsuit accusing the company of a role in the opioid crisis. The government alleges Rite Aid filled countless prescriptions noncompliant with legal standards.
The bankruptcy will reduce Rite Aid’s retail footprint as part of efforts to mitigate costs.
The Wall Street Journal reported that the company, one of the nation’s largest pharmacy chains, will close 400 to 500 of its 2,200 stores.
Rite Aid, in its statement, noted that it would further assess and close more underperforming locations.
One of Rite Aid’s two Bristol Borough stores shut down last month.
In 2019, Rite Aid laid off more than 350 employees and closed two warehouses in Falls Township.
Rite Aid has secured $3.45 billion in new financing to support operations throughout the Chapter 11 process.
Challenges have plagued Rite Aid and the broader retail pharmacy sector. There have been numerous store closures and a spike in theft incidents, according to CNN.
