In the ongoing restructuring efforts, Rite Aid, the drugstore chain, has filed a "notice of additional closing stores" with the U.S. Bankruptcy Court of the District of New Jersey, revealing plans to shut down 27 locations in Michigan and Ohio. The filing provided details that out of these stores, 12 are situated in Michigan, while the remaining 15 are located in Ohio.

Rite Aid, which operates over 1,700 stores across the United States according to its website, has been taking measures to address its financial situation while undergoing Chapter 11 bankruptcy proceedings. This recent decision to add more locations to the closure list comes as part of the company's strategy to significantly reduce its debt, increase its financial flexibility, and focus on key initiatives.

Despite reaching out to Rite Aid for comment on the additional store closures, FOX Business did not receive a response by the time of publication. The company, headquartered in Pennsylvania, has been actively closing stores throughout the country as part of its ongoing restructuring process.

In mid-October, when Rite Aid announced its decision to pursue Chapter 11 bankruptcy, the company's CEO, Jeffrey Stein, explained that the court-supervised process provides them with legal tools to optimize their store footprint efficiently. He also expressed Rite Aid's intention to collaborate closely with their landlords to determine the best course of action for each store.

As Rite Aid continues to navigate its restructuring, these newly announced closures will further streamline the company's operations and allow it to focus on its key objectives.