CAMP HILL, PA-Rite Aid Corp. has received rent relief in 20% of the stores for which it asks help, and will close 134 stores this year, executives said at the company’s third quarter conference call.

The company is reviewing about 200 stores with leases set to expire in the next three years and 500 are underperforming, said Frank Vitrano, executive VP and CFO. Working with both an in-house staff and an outside firm, Rite-Aid is seeking rent relief to improve profitability.

“We continue to work with our landlord partners to arrive at a satisfactory outcome,” Vitrano said. The company also has sold 27 of 34 surplus stores.

The company will open a total of 18 stores in fiscal 2010, down from 33 new units in fiscal 2009, while closing 134 units.

Store closures have not yet been determined for next year, Vitrano noted, but this year’s count is likely to “be on the high side” of what is planned. In addition, the company does not have a “large number of contractual obligation” to pen new stores next year. Fewer remodels are planned, as well.

Sales for the quarter were $6.35 billion, down 1.8% from the third quarter of last year. Same-store sales declined 0.5%. The company posted a net loss of $83.9 million, vs. a loss of $243.1 million in the prior-year quarter.

Rite Aid operates more than 4,800 stores in 31 states and the District of Columbia.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.