Overview

• Rite Aid has entered Chapter 11 bankruptcy proceedings in New Jersey for the second time, citing financial pressures and legal challenges.
• The company announced the closure of 47 stores across Pennsylvania, California, Connecticut, Massachusetts, Oregon, New Hampshire, New Jersey, New York, and Washington.
• Rite Aid has ceased issuing loyalty points, will stop honoring gift cards by June 5, and has halted vendor purchases to manage its financial situation.
• The chain is pursuing a strategic sale of most of its assets while aiming to preserve jobs at its 1,277 pharmacies and three distribution centers across 15 states.
• Pharmacy services, including prescription refills and immunizations, will continue uninterrupted during the restructuring process.