Rite Aid puts eight more store leases up for sale

Rite Aid’s real estate advisor, A&G Real Estate Partners, is putting eight additional store leases up for sale, pending approval by the U.S. Bankruptcy Court for the District of New Jersey.

The stores are in Washington, Pennsylvania, New York, New Hampshire, Maryland, Massachusetts, and California.

In addition, A&G announced plans to market fee-owned buildings and land in Washington state and California, as well as land-only parcels in Ashtabula, Ohio.

A&G also said retailers and investors should stay tuned for further announcements as more Rite Aid leases might be up for sale pending court approval and the outcome of ongoing negotiations between A&G and landlords.

Rite Aid, which filed for bankruptcy last October, continues to work with financial stakeholders to reduce $3.3 billion in debt and better position its business for long-term success.

Originally Rite Aid was looking to close 154 stores, but that list has grown longer over the last few months. Twenty-four store closings were added in November, which is when A&G announced its intention to market for sale a second portion of leases, 92 in all, pending court approval.

Then in December, Rite Aid said it was closing another 31 locations.