The exact locations of the closed stores were not revealed on Tuesday, but the company said the closures will help the company “reduce costs, drive improved profitability and ensure we have a healthy foundation to grow from.” Rite Aid has approximately 2,500 stores in 19 states, so the closures make up only 2% of the retail footprint.
In addition, fewer people go to Rite Aid and other drug stores to fill up their prescriptions and shop for household items these days. Some shoppers have replaced trips to stores like CVS by buying supplies online from Amazon, or from brick-and-mortar giants like Walmart and Target. The chains have built up their own strong e-commerce companies in recent years.
–CNN Business’ Nathaniel Meyersohn contributed to this report.