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Rite Aid Cuts 400 Jobs

Chief Executive Officer John Standley will also step down

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Rite Aid (Camp Hill, Pa.) is cutting about 20 percent of its full staff in a move that will eliminate 400 jobs within its corporate headquarters as well as throughout its field operations.

The decision coincides with the company’s decision to restructure organizationally and reduce costs, resulting in the reduction of managerial layers and the consolidation of roles, reports Fox43.

About two-thirds of the reductions will take place immediately and the remaining one-third will take place by the end of fiscal 2020.

Additionally, Chief Executive Officer John Standley is stepping down once the company names his successor.

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