Rite Aid's struggles continue; loses nearly $100 million in its first quarter

Rite Aid Corp. (RAD), the third-largest drug store chain whose former CEO Martin L. Gross went to jail after admitting in 2003 he cooked the books, continues to struggle.

Earlier this year, Rite Aid said it would close 117 stores over the next year as the company looks to cut debt and expenses. Some analysts have speculated that the company needs to cut a large number of people given its large debt load. In the first quarter, the company closed 86 stores, relocated 17 stores and remodeled.