Rite Aid sees ‘opportunity’ to close more stores in 2023

Rite Aid’s struggle to hold its ground against CVS and Walgreens was evident in the company’s $67 million quarterly loss reported on Wednesday. Speculating on more store closings — following the 145 stores the chain shuttered in 2021 — Rite Aid Exec VP and CFO Matt Schroeder told analysts on its earnings call, “It’s not nearly the size of the opportunity that we had this year. So, it’s on a much smaller scale because we have done a pretty good job in the latest last store closure program of really pruning a lot of the unprofitable stores …”