Rite Aid Shares Sink on Refinancing Plans

While most retailers are facing similar struggles as Rite Aid, the company's decision to expand by more than 50% and add more than 1,800 stores to its portfolio, resulted in greater debt. The company posted a loss of $2.3 billion in the fourth quarter.

Rite Aid plans to close up to 117 stores over the next year in an effort to course correct.

The company had 4,901 stores in 31 states at the end of February, and the moves will leave it with about 2,000 stores less than rivals CVS Caremark (CVS Quote) and Walgreen (WAG Quote).