Rite Aid is reportedly preparing for a second Chapter 11 bankruptcy filing just months after emerging from its first. CEO Matthew Schroeder notified employees that negotiations for additional capital have failed, leading to necessary job cuts at corporate offices. The company, which had already made significant cuts and store closures following its initial bankruptcy in 2023, now faces further challenges. Rite Aid's struggle highlights the severe financial difficulties and economic downturn that have impacted its recovery efforts.
"In the following months, Rite Aid closed hundreds of stores across the U.S. to reduce costs and turn its finances around."
"As part of the process, the chain received a financing commitment of $3.45 billion from lenders."
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