Rite Aid Laying Off Employees & Auctioning Locations in New Hampshire & Massachusetts

Over the last decade, we have seen many major retail chains struggle.

While the issues started in the 20-teens, the problems really ramped up during the pandemic.  People who had never before been comfortable purchasing things online found it to be the easiest way to get what they needed or wanted.  Even after the pandemic ended, many people continued to do the majority of their shopping online.  As a result, brick-and-mortar stores continued to see a drop in customers.

This has led to many retailers modifying the way they operate.  These changes have included everything from being more selective with regards to the products they carry, to replacing store employees with self-checkout kiosks.  In extreme cases, chains have made the tough decision to close underperforming locations.

Now, it appears another major retailer has taken drastic actions to stay in business.

Rite Aid Files For Chapter 11 Bankruptcy...  Again

According to CoStar, the massive, Philadelphia-based pharmacy chain Rite Aid has filed for Chapter 11 protection for the second time in as many years.

In order to stabilize the business, they are auctioning off the leases of nearly 1,200 locations spread across 15 states.  Some of those affected locations are located in New Hampshire and Massachusetts.

New Hampshire locations include Littleton, Lincoln, Plymouth, Bristol, Meredith, Laconia, Pittsfield, Rochester, two locations in Concord, and Dover.  Massachusetts locations include New Bedford, Fall River, Clinton, and Greenfield.

According to a representative for A&G Real Estate Partners, the firm marketing the leases, the spaces for auction range in size from 5,000 to about 70,000 square feet.  The realtors believe that at least some of the leases could be purchased by other retail chains.  Discount stores, for example.

In addition to the retail spaces, the company is auctioning several distribution centers in Maryland, California, Virginia, Washington, and New Jersey.

The company is also reportedly laying off thousands of employees.

There is no word on when the affected locations could be closing.