FILE - This photo shows a sign of Rite Aid on its store in Pittsburgh on Jan. 23, 2023. Rite Aid, a major U.S. pharmacy chain, said Sunday, Oct. 15, that it has filed for bankruptcy as part of its effort to restructure its finances. (AP Photo/Gene J. Puskar, File)
Gene J. Puskar / AP Photo
Gene J. Puskar / AP Photo
FILE - This photo shows a sign of Rite Aid on its store in Pittsburgh on Jan. 23, 2023. Rite Aid, a major U.S. pharmacy chain, said Sunday, Oct. 15, that it has filed for bankruptcy as part of its effort to restructure its finances. (AP Photo/Gene J. Puskar, File)
Rite Aid is again seeking bankruptcy protection as the drugstore chain looks to sell substantially all of its assets.
The company said Monday that its stores will remain open as it starts Chapter 11 bankruptcy proceedings.
The company initially filed for bankruptcy protection in October 2023, with plans to sell parts of its business and restructure. The company ran more than 2,300 stores in 17 states before the filing.
Rite Aid said then that the voluntary Chapter 11 reorganization would help slash debt and resolve litigation. The company sold its relatively small pharmacy benefits management business, Elixir Solutions, for around $576 million.
Rite Aid emerged from Chapter 11 nearly a year later as a private company. The drugstore chain said in a statement that it came out of the process stronger, “with a rightsized store footprint, more efficient operating model, significantly less debt and additional financial resources.”
Sometimes, your mornings are just too busy to catch the news beyond a headline or two. Don’t worry. The Morning Agenda has got your back. Each weekday morning, The Morning Agenda will keep you informed, amused, enlightened and up-to-date on what’s happening in central Pennsylvania and the rest of this great commonwealth.
