Rite Aid has announced a return to Chapter 11 bankruptcy protection, aiming to sell substantially all of its assets as it navigates financial difficulties. Despite this, the drugstore chain will keep its stores open and work to transfer customer prescriptions to other pharmacies. With the backing of $1.94 billion in financing from lenders, Rite Aid hopes to stabilize during the sale process. After initially filing for bankruptcy in 2023, it emerged as a private company and reduced its store count significantly. However, recent reports indicate continued struggles, including empty store shelves.
The company said Monday that its stores will remain open as it returns to Chapter 11 bankruptcy proceedings.
A spokeswoman said in March that the company was "laser focused" on its retail pharmacies, including restocking its stores.
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