Rite Aid, the long-time East Pennsboro Township-based pharmaceutical chain that will soon be based on Philadelphia, announced on Tuesday that it will close 63 stores.
The company made the announcement as part of its third quarter results from 2021.
Rite Aid said the move will save the company $25 million.
“Rite Aid is conducting a rigorous assessment of its store base and has implemented a store closure program,” the company said. “The program’s primary focus is to reduce costs, drive improved profitability and ensure that Rite Aid has a healthy foundation to grow from, with the right stores in the right locations, for the communities it serves and for its business.”
The company didn’t release any details which stores it was closing, but Rite Aid said it anticipates the number of closures to increase as it finalizes the review over the next several months. The company said that employees impacted by these store closures are being offered the opportunity to transfer to another store.
At the end of the third quarter, which closed Nov. 27, Rite Aid had 2,488 stores — 519 in Pennsylvania. The closings account for about 2.5% of its stores.
Rite Aid isn’t the only pharmaceutical chain closing stores. CVS Pharmacy announced it is closing 900 of its around 9,900 stores over the next three years. The closings for CVS account for about 9% of its stores.
