Rite Aid Gets OK To End Former Queens Store Lease

Rite Aid Corp. was given permission Wednesday to reject a lease and sublease for a former store in Queens, New York, after a New Jersey bankruptcy judge found that doing so would benefit the debtor’s estate.

U.S. Bankruptcy Judge Michael B. Kaplan said at a hearing Wednesday that Rite Aid was not acting in bad faith in its decision to reject the lease, as it is currently costing the debtors $66,000 per month in “dead rent” and $26,000 in maintenance and taxes.

The debtors are represented by Michael D. Sirota, Warren A. Usatine, Felice R. Yudkin and Seth Van Aalten.