/Rite Aid to Close 60 Stores Over Crime Spike
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Rite Aid to Close 60 Stores Over Crime Spike

On Tuesday, the drugstore chain Rite Aid announced it will be shutting down a minimum of 63 stores.

According to CNBC, the chain said it will be closing the stores due to a continuing review and it expects to discover more stores to shut down in the coming months. 

“We delivered a solid quarter as we grew Adjusted EBITDA [earnings before interest, taxes, depreciation, and amortization] by 12.7 percent versus last year,” said Heyward Donigan, the president and chief executive officer of Rite Aid. “Despite challenges in the labor market, our pharmacists and store teams were able to meet the unprecedented volumes for COVID and flu immunizations, COVID testing and other clinical services, which clearly demonstrates our Lean work to free up capacity is paying off.” 

“Today, we also announced the first phase of a store closure program to reduce costs, drive improved profitability and ensure that we have a healthy foundation to grow from, with the right stores in the right locations, for the communities we serve and for our business. We have identified an initial 63 stores for closure that is expected to provide an annual EBITDA benefit of approximately $25 million,” he added. 

Keep reading at CNBC.