The exact location of the closed shops was not disclosed Tuesday, but the company said the closures will help the company “reduce costs, improve profitability and ensure we have a healthy foundation to grow.” Rite Aid has about 2,500 stores across 19 states, so their closure is just 2% of its retail footprint.
Also, fewer people go to Rite Aid and other drug stores to fill their prescriptions and shop for household items these days. Some shoppers replace their trips to stores like CVS by buying their supplies online from Amazon, or from large bricks and mortar stores like Walmart and Target. The chains have built their own strong e-commerce business in recent years.
–CNN Business’ Nathaniel Meyersohn contributed to this report.