Rite Aid will shut down over 100 stores across the country after the company filed for bankruptcy Sunday, according to multiple reports.
NBC News reported Wednesday that at least 154 of the 2,253 Rite Aid stores across the U.S. will be closing. According to CNN, 99 stores will be put up for sale — the majority of which will be in California, New York and Pennsylvania.
Last month, The Wall Street Journal reported that Rite Aid and its creditors were discussing the idea of closing between 400 and 500 of its stores, citing people familiar with the topic.
More store closings may come down in the future, CNBC reported.
Since Rite Aid, the third-largest pharmacy chain in the nation, filed for Chapter 11 bankruptcy protection on Sunday, creditors have also agreed to provide the pharmacy chain with $3.45 billion to aid in its financial restructuring plan, which includes shutting down numerous stores.
The plan is set to “significantly reduce the company’s debt” while also resolving “litigation claims in an equitable manner,” the company previously said.
The Journal also reported that Rite Aid is carrying $3.3 billion in debt and facing more than a thousand lawsuits. Many of the lawsuits accuse the company of “oversupplying opioids,” according to WSJ.
Last year, Rite Aid reached a settlement with the state of West Virginia totaling up to $30 million in a lawsuit that sought to hold the company accountable for overselling opioids and failing to monitor suspicious orders of the painkillers.
In March, the Justice Department filed a complaint accusing Rite Aid of violating the False Claims Act and the Controlled Substances Act by knowingly fulfilling unlawful prescriptions for controlled substances.
“Rite Aid regularly assesses its retail footprint to ensure we are operating efficiently while meeting the needs of our customers, communities, and associates,” Rite Aid said in a comment to HuffPost on Wednesday. “In connection with the court-supervised process, we intend to close certain underperforming stores to further reduce rent expense and strengthen overall financial performance.”