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Rite Aid Expands Store Closures to 115 Locations as Second Bankruptcy Proceeds

The pharmacy chain has secured $1.94 billion in financing, halted rewards programs, and is soliciting bids for its assets while ensuring continued operations for most locations.

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Overview

  • Rite Aid has filed for Chapter 11 bankruptcy for the second time in less than two years, citing ongoing financial struggles and heavy debt.
  • The company has announced the closure of 115 stores across nine states, including an initial 47 closures and a subsequent list of 68 additional locations.
  • Approximately 1,240 of Rite Aid's 1,277 pharmacies remain operational as the company seeks buyers for its prescription files and retail locations to preserve jobs and services.
  • Rite Aid has secured $1.94 billion in debtor-in-possession financing to maintain pharmacy operations and ensure employee pay and benefits during the bankruptcy process.
  • The company has suspended its rewards program as of May 6, 2025, and will stop honoring gift cards or accepting returns and exchanges starting June 5, 2025.