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


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

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.