Search
 

Rite Aid Gets Rent Relief, Expands Slowly

CAMP HILL, PA-Plus executives at the drugstore chain say fiscal 2011 closures are likely less than in 2010.

By Debra Hazel | Updated on December 18, 2009

CAMP HILL, PA-Rite Aid Corp. has received rent relief in 20% of the stores for which it asks help, and will close 134 stores this year, executives said at the company’s third quarter conference call.

The company is reviewing about 200 stores with leases set to expire in the next three years and 500 are underperforming, said Frank Vitrano, executive VP and CFO. Working with both an in-house staff and an outside firm, Rite-Aid is seeking rent relief to improve profitability.

“We continue to work with our landlord partners to arrive at a satisfactory outcome,” Vitrano said. The company also has sold 27 of 34 surplus stores.

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.