Rite Aid's Store Closures and Financial Challenges

Rite Aid, the third-largest standalone pharmacy chain in the US, is closing 30 more stores as part of its restructuring efforts, following a previous announcement of 100 store closures. The company is facing financial challenges and legal troubles related to unlawful opioid prescriptions, resulting in significant losses and a stock down over 90% for the year. Despite securing financing and debt reduction agreements, Rite Aid plans to accelerate store closures and sell off some businesses to stay afloat through bankruptcy. The pharmacy retail sector, including competitors CVS and Walgreens, is also experiencing store closures due to declining profits and increased competition.