Credit: Tom Sofield/LevittownNow.com
The Rite Aid located on Commerce Circle in Bristol Borough is set to close its doors.
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The impending local closure marks yet another Rite Aid shutdown following in a series of closures across the country for the Philadelphia-based chain.
The store will close by Sunday, September 16, a staff member told LevittownNow.com.
A spokesperson for Rite Aid did not comment on the closure.
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The closure decision follows a recent Wall Street Journal report that stated Rite Aid is weighing a Chapter 11 bankruptcy filing. The aim of the move would be to alleviate the mounting debt while keeping the company operating.
In their most recent financial quarter, Rite Aid reported a loss of $307 million.
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As of early June, the company’s long-term debt stood at $3.3 billion.
Earlier in the year, company officials disclosed to investors their strategy to reverse the company’s dwindling fortunes.
The interim chief executive officer of Rite Aid, Elizabeth “Busy” Burr, remarked in June about witnessing “early progress” in the company’s turnaround efforts. Emphasizing their strategic approach, she stated that the company is making “targeted” cost reductions.
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Recent reports indicate that the drugstore chain has shuttered over 150 of its stores since the beginning of 2022. Some of the other recent closures were reported in neighboring New Jersey.
Rite Aid continues to have a considerable presence in the retail landscape and operates more than 2,300 locations across 17 states.
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