A dozen more Rite Aid stores are slated to close in Michigan as part of ongoing closures announced back in 2021.
As part of Rite Aid’s Chapter 11 bankruptcy process, the chain will close 27 stores in the Midwest, including 12 in Michigan, and 15 in Ohio.
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Three other Michigan stores closed earlier this year.
Here’s the list of Rite Aid closures in Michigan:
- Livonia (37399 Six Mile Rd)
- Burton (G4033 Fenton Rd)
- Burton (6026 Lapeer Rd)
- Flint (4519 Richfield Rd)
- Ludington (936 E Ludington Ave)
- Wyandotte (1998 Biddle Ave)
- Spring Lake (603 E Savidge St)
- Bay City (3880 Wilder Rd)
- Marlette (2985 Main Street)
- Grosse Pointe Farms (107 Kercheval Ave)
- Milford (640 N Milford Rd)
- Allen Park (15411 Southfield Rd)
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.
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.