- Rite Aid has listed 1,245 stores for sale or lease, including 59 in Los Angeles County, after filing for Chapter 11 bankruptcy protection.
- A&G Real Estate Partners is overseeing the marketing of the stores, which include both owned properties and leasehold interests.
- Store closures and ownership changes are expected in the coming months as the pharmacy chain winds down operations and liquidates assets.
Rite Aid’s Major Retail Retreat
Following its second bankruptcy filing in two years, Rite Aid is offloading stores under Chapter 11, per The Real Deal. The company announced plans to sell or lease 1,245 store locations in 15 states, with California, New York, and Pennsylvania among the hardest hit.
L.A. County Hit Hard
California is home to 347 Rite Aid stores, and 59 of them are in Los Angeles County alone. Locations from Pomona to Santa Clarita are now being marketed, as the retailer seeks to offload both leased and owned sites. A&G Real Estate Partners, appointed by the court, is leading the effort to sell the stores or assign leases to other retailers.
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A Fluid Process
Erik Potocek of A&G called it “a very fluid sales process,” with leaseholds possibly reassigned or terminated based on demand. Owned properties will go to the highest bidders. Industry observers say the scale of the store availability is nearly unprecedented, especially for stores of this footprint.
Stores May Stay Open—For Now
While Rite Aid intends to keep stores operational during the transition, closures are likely in the coming months. Customers may already notice sparsely stocked shelves, as the company has halted new inventory purchases and prepares to shut down distribution centers.
Why It Matters
Rite Aid’s downfall is the latest example of pressure on traditional retail pharmacies amid rising debt and changing consumer behavior. For retail landlords and brokers, the mass availability of these stores represents a rare opportunity in high-demand submarkets.
