Rite Aid to Sell All Assets in Bankruptcy

Rite Aid has filed for Chapter 11 bankruptcy for the second time in less than two years and will sell all its assets, including its remaining 1,240 stores. The company has secured $1.94 billion in new financing to support operations during the sale process and has attracted interest from national and regional buyers. While most stores will remain open temporarily, Rite Aid will transfer customer prescriptions to other pharmacies as it winds down operations. The bankruptcy will result in job cuts, particularly at corporate offices in Pennsylvania, and continues a trend of store closures and debt reduction following its last bankruptcy. CEO Matt Schroeder stated the company is focused on serving customers and preserving jobs during the transition. The move follows ongoing financial struggles and lack of lender support.