DETROIT – Three additional Rite Aid stores will close in Michigan, joining the list of more than a dozen that have already shuttered in the state.
Court filings this year show Rite Aid’s plans to close three more stores, including the following:
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- 4612 Woodward Ave., Detroit
- 2006 N. Saginaw Road, Midland
- 1002 East Grand River Ave., Howell
Rite Aid filed for bankruptcy last year and announced 19 stores closures in Michigan, including nine in Metro Detroit. The company’s filing in U.S. Bankruptcy Court last year in New Jersey listed $8.6 billion in total debts and $7.6 billion in assets.
The new round of closures impacts 77 stores nationwide, including the three in Michigan.
A few years ago, Rite Aid propped up its share price with a 1-for-20 reverse stock split that took more than a billion shares off the market. But the share price has slid for most of last year and tumbled back below $1 in August.
Walgreens attempted to buy Rite Aid for about $9.4 billion in a deal announced in 2015. But the larger drugstore chain scaled back its ambition a couple years later and bought only a chunk of Rite Aid, around 1,900 stores, to get the deal past antitrust regulators.
In 2018, Rite Aid shares plunged after the company called off a separate merger with the grocer Albertsons.