Rite Aid in Franklin to close
Published 6:34 pm Tuesday, November 21, 2023
The Rite Aid location in Franklin at 1031 Armory Drive will be closing permanently on Monday, Nov. 27.
Upon request for comment from The Tidewater News, Rite Aid provided the following statement:
“Rite Aid regularly assesses its retail footprint to ensure we are operating efficiently while meeting the needs of our customers, communities, associates and overall business. In connection with the court-supervised process, we notified the court of certain underperforming stores we are closing to further reduce rent expense and strengthen overall financial performance. At this time, we have not made or confirmed any decisions on additional specific store closures as part of our financial restructuring process.”
Alicja Wojczyk, speaking on behalf of Rite Aid, confirmed to The Tidewater News that the company’s location at 1031 Armory Drive is among the store closures, and the location will close Nov. 27.
According to a report from Kroll Restructuring Administration, on Oct. 15, “Rite Aid and certain of its subsidiaries, including those that comprise the Elixir pharmacy and benefits business, filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of New Jersey. Elixir Insurance is not included in the Chapter 11 process.”
The Rite Aid location in Franklin has been perched on a corner of the particularly busy intersection of Armory Drive and College Drive.
Franklin City Manager Amanda C. Jarratt said, “It is unfortunate that the city of Franklin Rite Aid is closing as a result of the company’s financial stress. We are working closely with Franklin Southampton Economic Development Inc. and Rite Aid corporate to ensure a positive reuse for the real estate.”