Sponsored By

Close to 100 Rite Aid leases will be put up for sale

The leases span eight states

Bill Wilson, Senior editor at Supermarket News

November 7, 2023

1 Min Read
rite_aid_updated_store_banner-closeup_1_2_1_720.jpg
The stores range in size from 5,000 square feet to just over 33,500 square feet.Rite Aid

Rite Aid’s real estate advisor has plans to sell almost 100 pharmacy leases tied to the retailer, following Rite Aid’s announcement last month that it will file for bankruptcy due to mountains of debt largely caused by opioid lawsuits.

A&G Real Estate Partners announced its intention to market for sale a second portion of  leases — 92 in all — pending U.S. Bankruptcy Court approval.

The Philadelphia-based Rite Aid is still assessing its real estate footprint and more store closures could be announced at a later date.

The leases span eight states: Michigan (22), Pennsylvania (17), California (17), New York (11), New Jersey (seven), Maryland (six), Washington State (six), and Ohio (2).

The stores range in size from 5,000 square feet to just over 33,500 square feet.

“The lack of new build of this type of product is driving demand for these leases,” said Andy Graiser, co-president of New York-based A&G. “We continue to be pleased by the strong interest we are receiving across the country from potential replacement users.”

Rite Aid first announced it would close 154 stores, but that number has since been increased to 178.

Rite Aid filed for Chapter 11 bankruptcy in mid-October as it attempts to dig out from under billions of dollars in debt mainly caused by opioid lawsuits.

Related:5 things: Can Rite Aid recover?

The Chapter 11 filing allows the Philadelphia-based retailer to restructure its debt, which sits at $3.3 billion. Lenders have agreed to provide $3.45 billion in debt relief.

 

 

 

 

 

Read more about:

Rite Aid

About the Author

Bill Wilson

Senior editor at Supermarket News

Bill Wilson is the senior editor at Supermarket News, covering all things grocery and retail. He has been a journalist in the B2B industry for 25 years. He has received two Robert F. Boger awards for his work as a journalist in the infrastructure industry and has over 25 editorial awards total in his career. He graduated cum laude from Southern Illinois University at Carbondale with a major in broadcast communications.

Stay up-to-date on the latest food retail news and trends
Subscribe to free eNewsletters from Supermarket News

You May Also Like