Rite Aid Faces $60M Development Suit Over Canceled Stores

Law360, New York (June 29, 2012, 2:00 PM EDT) -- A slew of developers have accused Rite Aid Corp. and Thrifty PayLess Inc. of breaching rent contracts and racking up nearly $60 million in unpaid rent and contractors' out-of-pocket expenses through a “preferred developer” scheme, according to a suit removed to federal court in Washington state Thursday.

The developers, who had been on Rite Aid's go-to list for the construction of new stores, claim the company illegally terminated leases and other financial agreements when the 2008 recession caused it to rethink opening a string of new...
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