Byline: TED DUNCOMBE - Associated Press
Rite Aid Corp. will close 200 of its drugstores, sell its auto parts, book and dry cleaning outlets and buy back 22 million shares of stock as part of a restructuring designed to improve profits.
The actions will prompt a charge against earnings of $149.2 million, RiteAid said Friday.
"We do not want to continue to spend time and money in businesses that weren't making a major contribution to the entire business," Martin L. Grass, president and chief operating officer, said, from the company's headquarters in Camp Hill.
The 200 stores represent about 8 percent or Rite Aid's 2,681 drug outlets …
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