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The Los Angeles Times reports that drug store chain Rite Aid plans to close as many as 117 of its 4,901 stores in an effort to cut costs and reduce losses; this follows the closing of 200 stores during the previous fiscal year.

For the just ended fourth quarter, Rite Aid reported a $2.3 billion loss, compared to a $960.4 million loss during the same period a year ago. Q4 sales were off two percent to $6.71 billion.

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