Rite Aid is again seeking bankruptcy protection as the struggling drugstore chain says it will try to sell substantially all of its assets. The company said Monday that its stores will remain open as it returns to Chapter 11 bankruptcy proceedings. The company said it will work to ensure that customer prescriptions are transferred to other pharmacies as it goes through the sale process, the AP reports. The drugstore chain has lined up from some of its lenders $1.94 billion in new financing to help fund it through the sale and bankruptcy proceedings.
- The company initially filed for bankruptcy protection in October 2023, with plans to sell parts of its business and restructure. The company ran more than 2,300 stores in 17 states before the filing.