PORTLAND, Ore. (KOIN) — A Portland Rite Aid is the business’s only store to close in Oregon after the company revealed plans to shutter more than 150 “unprofitable, underperforming, or otherwise sub-optimal” stores nationwide when filing for chapter 11 bankruptcy protection on Oct. 16.
It’s unclear when the Southeast Portland store, located at 2440 Cesar Chavez Blvd., closed. However, the Rite Aid website no longer lists the address as a business location. Patients’ prescriptions are reportedly transferred to other pharmacies following any closures, Rite Aid Corporation told the Business Insider.
“The Company’s portfolio is burdened by unprofitable stores that it cannot effectively exit absent the tools available in chapter 11,” court documents filed by Rite Aid Corporation read. “Those stores challenge the Company’s earnings profile, turnaround initiatives, and free cash flow. Even where the Company has been able to close stores, it is burdened by $80 million in annual ‘dead rent’ costs because of its inability to exit the underlying leases outside of chapter 11.”
Rite Aid is also expected to close 11 stores in the state of Washington, all in the Puget Sound area, and two in the Boise, Idaho area. Click here for a full list of stores marked to close.
It’s unclear if the company plans to announce additional closures. Rite Aid did not immediately respond to a request for comment for additional information.
