Rite Aid Corporation (NYSE:RAD) stock tanked in 2017. The company announced that it would close 150 stores, or around 10 percent of its total stores. This announcement sent Rite Aid stock tumbling. In early November, the company announced that it would sell its fuel business to Valero Energy Corporation for $3 billion. This sale was expected to help Rite Aid’s financial situation, but the stock still fell. In the end, Rite Aid stock lost over 50 percent of its value in 2017. The company’s profits also decreased.
In the fourth quarter of 2017, the company reported a net loss of $1.2 billion. This was a large increase from the $116 million net profit that the company reported in the fourth quarter of 2016. The company’s stock is now down more than 60 percent from its all-time high of $16.87 that it reached in February of 2017. The company’s future remains uncertain, and it is unlikely that the stock will rebound in the near future.
