"This turnaround will take time, but we are confident it will yield significant financial and consumer benefits over the long term," CEO Tim Wentworth said in a statement.
Pharmacies - both independent locations and retail chains - are closing around the country amid low reimbursement rates for pharmacy care as well as low dispensing fees for Medicaid enrollees.
Since taking the helm last year, CEO Tim Wentworth has announced multiple steps, including a $1 billion cost-cutting program.
In October, Rite Aid said it planned to shutter 154 stores nationwide as part of its bankruptcy filing, which came amid slumping sales and mounting opioid-related lawsuits.
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