Rite Aid has announced that it will close up to 1,000 stores in the coming months. This is in addition to the 2,000 stores that the company announced it would close in 2015. This means that Rite Aid will have closed up to 3,000 stores since 2013. This is a significant decrease from the 5,000 stores that the company had at its peak in the early 2000s. This decline in store count has had a significant impact on Rite Aid’s bottom line. In the most recent quarter, Rite Aid’s net income was $1.
2 billion, down from $2.2 billion in the same quarter a year earlier. This decline in same quarter profits was largely due to the closures of stores. In addition, Rite Aid’s stock price has fallen by more than 60% since the company’s peak in 2013. This decline in stock price has led to a significant decrease in the company’s value. As a result, Rite Aid is likely to announce more store closures in the coming months.
