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November 28, 2023

Three more Connecticut Rite Aid locations targeted for closure

PHOTO | CONTRIBUTED

Financially struggling pharmacy chain Rite Aid plans to close three more of its Connecticut stores, including in New Haven, Waterbury and Stamford.

The locations targeted for closure include 82 Hoyt St., Stamford; 325 Ferry St., New Haven; and 277 Fairfield Ave., Waterbury.

The New Haven store will close on Dec. 4, while the Stamford and Waterbury locations will close Dec. 7, according to media spokesperson Alicja Wojczyk.

“The decision to close a store is not one we take lightly. The company, with the assistance of its advisors, carefully considers various factors in its decision-making, including business strategy, lease and rent considerations, local business conditions and viability, and store performance,” the company said, in an emailed statement. 

According to Rite Aid’s website, it currently has 26 stores in Connecticut.

Rite Aid in October announced it was undergoing a financial restructuring and had filed for reorganization under Chapter 11 in U.S. Bankruptcy Court for the District of New Jersey. 

The three Connecticut locations were listed in a Nov. 21 filing with the court.

Rite Aid has indicated it plans to assess its footprint and close underperforming stores, to reduce expenses and strengthen its overall financial performance. 

The company said it plans to transfer employees at impacted stores to other Rite Aid locations whenever possible, and about 75% of employees have accepted transfers in connection with past closures.

According to the company, it has received a $3.45 billion commitment in new financing from lenders to support it during its restructuring. 

In October, Rite Aid appointed Jeffrey S. Stein as its chief executive officer, chief restructuring officer and member of its board of directors.

“With the support of our lenders, we look forward to strengthening our financial foundation, advancing our transformation initiatives and accelerating the execution of our turnaround strategy,” Stein said.

Rite Aid has previously shuttered locations in Connecticut, such as in Waterbury and East Haven.

Rite Aid’s footprint spans 17 states, according to its website.

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