Rite Aid is facing another round of significant store closures as it filed for Chapter 11 bankruptcy for the second time in two years. Despite previous efforts to stabilize the business, ongoing challenges such as low consumer confidence, increased competition from online retailers, and reduced profits from prescription drugs have led to this dire situation. The company has cited inventory issues and strained vendor relations as contributing factors, and it is now also selling off assets in preparation for potentially winding down operations entirely.
"Rite Aid has disclosed two more massive rounds of store closures, with hundreds of additional locations to be shuttered across multiple states as part of its bankruptcy proceedings."
"The pharmacy chain filed for Chapter 11 bankruptcy protection in May, marking its second bankruptcy in just two years during an ongoing struggle to revive its operations."
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