Rite Aid closing Petoskey store, pharmacies in Northern Michigan

PETOSKEY — Rite Aid is closing its store in Petoskey and its pharmacy operations in Gaylord and Sault Ste. Marie as the pharmacy chain continues to grapple with the aftermath of a bankruptcy filing last year.

According to the company's website, the pharmacies in Gaylord, Petoskey and Sault Ste. Marie are closed or will be closing soon. It said prescription information for those outlets is available from competitor Walgreens. The Charlevoix store and pharmacy remain open.

"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. While we have had to make difficult business decisions over the past several months to improve our business and optimize our retail footprint, we are committed to becoming financially and operationally healthy. We regularly update our website with information regarding store locations," the company said in a statement.

Since filing for bankruptcy in October of 2023, Rite Aid has closed more than 500 stores nationwide, citing a need to "further reduce rent expense and strengthen overall financial performance.” The company took the steps amid falling sales and a heavy debt burden. Rite Aid has $4 billion in debt, $8.6 billion in total liabilities and $7.65 billion in assets, according to court filings in the U.S. Bankruptcy Court for the District of New Jersey, Reuters reported.

— Contact Paul Welitzkin at pwelitzkin@gaylordheraldtimes.com.