Rite Aid Emerges From Bankruptcy, What Does it Mean for Michigan?

As 'Store Closing' signs dot the landscape outside dozens of Rite Aid Stores throughout Michigan, the company has announced that it is emerging from Bankruptcy.

Rite Aid Prepares for Bankruptcy, Announces Store Closures

It's been nearly a year since Rite Aid announced that it was preparing for Chapter 11 bankruptcy and announced that it would be closing several stores in the Genesee County area.

News began to surface in January of this year that additional stores would be closing in Midland and Howell, just months before rumors began to fly that most - if not all - Rite Aid locations in Michigan would soon meet their demise.

As many customers prepared to transfer prescriptions to Walgreens, news emerged that the Deerfield, Illinois drugstore chain would also be shuttering hundreds of Walgreens stores throughout the United States.

Rite Aid Emerges From Bankruptcy, Names New CEO

The struggling retailer has just announced a leadership change as it emerges from Chapter 11 Bankruptcy.

Rite Aid announced that Jeffrey S. Stein has stepped down as Chief Executive Officer and Chief Restructuring Officer as the company is emerging from Chapter 11 bankruptcy. Stein is being replaced by Matt Schroeder who has been serving as the company's Chief Financial Officer.

In a press release from September 3, Rite Aid Board of Directors Chair Bruce Bodaken praised the company's new CEO for showing leadership during the bankruptcy process, calling him "an excellent fit for the company as it advances as a stronger organization."

What Does This Mean for Rite Aid Stores in Michigan?

Although the release alludes to Rite Aid becoming a "stronger organization" moving forward, it stops short of saying that any previously announced store closures could be reversed.

As of last month, Rite Aid confirmed that it would close all Michigan locations and most of its stores in Ohio. According to Mlive, all Rite Aid locations in Michigan will be shuttered by the end of September.

Check Out 21 Now-Defunct Stores We All Miss Going to in Michigan

With the holiday shopping season right around the corner, let's take a minute to remember all the stores that we used to go to that are no longer in business.