Rite Aid Bankruptcy: Initial Pittsburgh Stores Hit The Market

PITTSBURGH, PA — Six Pittsburgh Rite Aid locations are among the initial 99 nationwide that have been placed on the market as the pharmacy chain attempts to navigate through its bankruptcy reorganization.

New York-based A&G Real Estate Properties announced Tuesday that it plans to market the lease sale of 78 Rite Aid stores and another 21 in which the real estate is available to purchase. Any transactions must be approved by the U.S. Bankruptcy Court.

Six Pittsburgh-area Rite Aid locations are among 17 in Pennsylvania being marketed. They are:

• 5990 University Blvd., Coraopolis
• 6090 Route 30, Greensburg
• 1730 Wilmington Rd., New Castle
• 700 Stevenson Blvd., New Kensington
• 351 Brighton Ave., Rochester
• 208 East Central Ave., Titusville

"The size ranges of these properties are in high demand among potential replacement users—a list that includes dollar stores, gyms, grocers, specialty discount stores and fast-growing quick-serve restaurants," A&G senior managing director Mike Matlat said in a release.

"We anticipate robust interest from a wide array of retail operators, as well as non-retail medical, health, wellness and service-related businesses."

Philadelphia-based Rite Aid on Sunday filed for Chapter 11 bankruptcy protection. As part of its financial reorganization plan, the company said in a statement that it plans to accelerate its "footprint optimization plan."

Rite Aid did not indicate precisely how many of its stores would close under the plan, but previous reports indicated the company would shutter as many of 500 of its 2,100 locations in 17 states.

A&G said it plans to market additional leases, with the number dependent on how negotiations between A&G and Rite Aid landlords proceed.

See the entire list of Rite Aid locations on the market here.