Rite Aid to cut about 400 US jobs in shake-up of its top management

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Rite Aid said its CEO would exit as part of a revamp of its leadership, and that it would slash about 400 corporate positions.

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The company said the layoffs will affect more than 20 percent of corporate positions located at the company’s headquarters and across field operations.

Rite Aid expects annual savings of about $55 million from the restructuring, of which about $42 million will be realized within fiscal year 2020.

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