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NEW YORK – Rite Aid is negotiating with creditors over the terms of a bankruptcy plan that would include liquidating a substantial portion of its more than 2,100 drugstores, the Wall Street Journal reported on Friday, citing people familiar with the talks.
The company has proposed to close roughly 400 to 500 stores as part of a bankruptcy filing, and either sell or let creditors take over its remaining operations, according to the report.
Rite Aid said that the conversations remain ongoing and that no decisions have been made at this time.
