The Rite Aid Corporation has filed for bankruptcy for the second time in 18 months.
The Philadelphia-headquartered pharmacy chain announced it was “pursuing a strategic and value-maximizing sale process for substantially all of its assets.” The company added that its customers will be able to access pharmacy services and products in stores and online while it works “to facilitate a smooth transfer of customer prescriptions to other pharmacies.”
In its bankruptcy announcement, the company did not state if it would be closing locations – it currently has 1,250 stores, down from the roughly 2,000 outlets at the time of its first bankruptcy filing in October 2023.
However, WKBW.com obtained a letter from CEO Matthew Schroeder that declared all 178 of its locations in New York State will shut down next month. Schroeder blamed the company’s misfortunes on “the dramatic downturn in the economy, potential litigation, and increased costs (including tariffs) from our suppliers and landlords.”
Schroeder used the official bankruptcy announcement to claim Rite Aid has attracted “meaningful interest from a number of potential national and regional strategic acquirors. As we move forward, our key priorities are ensuring uninterrupted pharmacy services for our customers and preserving jobs for as many associates as possible.”
Photo by Mike Mozart / Flickr Creative Commons
