Search
 

Rite Aid Negotiates Rent Cuts

CAMP HILL, PA-The drugstore chain achieves reductions on 20% of its weakest stores, or 465 units.

By Debra Hazel | Updated on September 25, 2009

CAMP HILL, PA-Rite Aid Corp. has obtained rent concessions in 20% of its worst-performing units, executives said at the company’s second quarter conference call.

The company contracted with a national real estate firm to assist with negotiations on 465 underperforming stores, and also is considering closures, said Frank G. Vitrano, senior executive vp and CFO. An in-house team is working on an additional 230 units. The rent reductions will be fully achieved over five to six years.

“We continue to work with our landlord partners to arrive at a satisfactory outcome on the remaining locations,” Vitrano said.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.