Rite Aid is selling 7 NJ leases amid bankruptcy. See which ones
Pharmacy giant Rite Aid is putting seven New Jersey leases up for sale amid its bankruptcy, according to A&G Real Estate Partners, which is acting as a real estate adviser for the chain.
They include one location in North Jersey, two in Central Jersey and four in South Jersey, an auction flier said.
The embattled pharmacy, which has 102 stores in New Jersey, declared bankruptcy last month, listing nearly $8.6 billion in debts and $7.6 billion in assets, court filings show. The company has received a commitment for $3.45 billion in new financing from some of its lenders.
Nationwide, A&G is putting 92 Rite Aid and Bartell Drugs neighborhood pharmacy leases up for sale, pending approval by the U.S. Bankruptcy Court for the District of New Jersey.
The seven New Jersey locations are:
2 Vernon Ave., Hamburg.
1636 Route 38, Lumberton.
210 Bridgeton Pike, Mantua.
108 Swedesboro Road, Mullica Hill.
Route 33 and Robbinsville-Edinburg Road, Robbinsville.
773 Hamilton St., Somerset.
1434 S. Black Horse Pike, Williamstown.
An eighth Rite Aid, at 37 Juliustown Road, Browns Mills, will be sold at a later date, the flier said.
Andy Graiser, co-president of A&G, said in a statement that there has been “strong interest” in the leases from “across the country from potential replacement users.”
"In consultation with A&G, Rite Aid is working to strengthen its overall financial position by reducing its rent expenses and optimizing its portfolio," Graiser said.
Rite Aid suffered combined net losses of $2.9 billion over the last six years, said analyst Neil Saunders, managing director of GlobalData. It also has $3.3 billion in long-term debt on its balance sheet.
The chain also faces a crisis related to hundreds of lawsuits alleging that it oversupplied prescription painkillers.
Court documents say 12 stores in New Jersey are closing:
4057 Asbury Ave., Tinton Falls.
431 Haledon Ave., Haledon.
35 Mill Road, Irvington.
1636 Route 38, Lumberton.
773 Hamilton St., Somerset.
1434 S. Black Horse Pike, Williamstown.
3 Marshall Hill Road, West Milford.
210 Bridgeton Pike, Mantua.
108 Swedesboro Road, Mullica Hill.
2370 Route 33, Robbinsville.
1726 Route 37 E., Toms River (already closed).
86-B Lacey Road, Manchester.
Rite Aid said it would work to make sure customers of affected stores have ongoing access to health care services, whether at another Rite Aid or at a nearby pharmacy, and would work to transfer prescriptions so there is no disruption.
Daniel Munoz covers business, consumer affairs, labor and the economy for NorthJersey.com and The Record.
Email: munozd@northjersey.com; Twitter:@danielmunoz100
This article originally appeared on NorthJersey.com: Rite Aid selling leases at 7 NJ locations amid bankruptcy
