Rite Aid has announced it will seek bankruptcy protection once more in an effort to sell most of its assets while keeping its stores operational. The company is in the midst of Chapter 11 proceedings and aiming to transfer customer prescriptions to other pharmacies. With $1.94 billion in financing from lenders to support this process, Rite Aid's previous bankruptcy filing aimed to reduce debt and restructure the business. The company's footprint has shrunk significantly since its last chapter, indicating ongoing struggles.
Rite Aid is once again pursuing Chapter 11 bankruptcy protection as it seeks to sell off most of its assets, while keeping stores operational.
The struggling chain plans to transfer customer prescriptions to other pharmacies during the bankruptcy process, having lined up $1.94 billion in new financing.
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