Reported September 22, 'Rite Aid Plans To Shut Down Hundreds Of Stores In Bankruptcy' - WSJ
Portfolio Pulse from Benzinga Newsdesk
Rite Aid is reportedly planning to file for Chapter 11 bankruptcy and is in negotiations with creditors. The plan includes the liquidation of a substantial portion of its more than 2,100 drugstores. This move would significantly reduce the company's operational footprint.
September 25, 2023 | 4:34 pm
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NEGATIVE IMPACT
Rite Aid's potential bankruptcy and store closures could negatively impact the company's stock in the short term.
Bankruptcy generally leads to a decrease in stock value as it indicates financial distress. The closure of a significant number of stores would also reduce Rite Aid's revenue potential, further impacting the stock negatively.
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