Rite Aid planning to shut down hundreds of stores in bankruptcy, WSJ says

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’s Alexander Gladstone and Andrew Scurria report, citing people familiar with the matter. Rite Aid has proposed to close roughly 400 to 500 stores in bankruptcy, and either sell or let creditors take over its remaining operations, one of the people said. A group of bondholders would prefer to liquidate a larger number of stores, the people said. The two sides are in discussions over the number of stores to be closed, they said.