Rite Aid has filed for Chapter 11 bankruptcy protection for the second time and is set to wind down operations at 47 underperforming stores in at least nine states. The drug store chain, struggling to remain viable after its previous bankruptcy less than a year ago, hopes to sell many locations to preserve jobs and retain customer service quality. Although some media mistakenly claim all stores may close, Rite Aid's plan involves negotiating sales to new owners while addressing the impending store closures. The company is reacting quickly, recognizing the urgency to secure buyers to retain its customer base.
Rite Aid is planning to close or sell underperforming locations in at least nine states after filing for Chapter 11 bankruptcy for the second time, hoping to preserve jobs.
Having filed for Chapter 11 bankruptcy again, Rite Aid targets 47 struggling locations, moving quickly to secure buyers in a prompt attempt to stabilize operations.
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