Overview

• Rite Aid has filed for Chapter 11 bankruptcy for the second time since October 2023, citing financial challenges and evolving market conditions.
• The company plans to sell or close its remaining 1,240 stores across 15 states and monetize other assets through a court-supervised process.
• Rite Aid has secured $1.94 billion in new financing to keep stores operational during bankruptcy proceedings and facilitate prescription transfers.
• The chain has announced targeted job cuts at corporate facilities in Pennsylvania, with further workforce reductions expected as part of restructuring efforts.
• Despite maintaining pharmacy services for now, Rite Aid is preparing to transfer customer prescriptions to other pharmacies as store closures progress.