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Rite Aid Slows Growth, Closes Stores

CAMP HILL, PA-The retailer is currently testing urban, low-volume locations.

By Debra Hazel | Updated on April 03, 2009

CAMP HILL, PA-Looking to reduce debt while boosting underperforming stores, Rite Aid Corp. is slowing expansion, while testing new models for metropolitan and low-volume stores, executives said at the company’s fourth-quarter conference call.

The company will open 20 new stores, while relocating 55 units and closing 117 stores, compared with opening 33 new stores, relocating 56 stores, remodeling 70 units, and selling or closing 200 stores last year. Capital expenditures are expected to be approximately $250 million.

“We worked very diligently to shrink the pipeline as far as we can,” said John Standley, president and COO. “Additional stores could fall out over time.”

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