Rite Aid files for bankruptcy less than a year after exiting Chapter 11
Source: Washington Post
Rite Aid filed for bankruptcy protection Monday for the second time, less than a year after the embattled drugstore chain emerged from Chapter 11 as a private company.
Rite Aid said in a news release that it’s looking for a buyer and is in “active discussions” with multiple prospects. The Chapter 11 filing in U.S. Bankruptcy Court in New Jersey gives Rite Aid access to $1.94 billion in new financing to fund the sale process, during which it plans to keep stores open.
The company did not respond to The Washington Post’s request for comment.
Rite Aid first filed for bankruptcy in October 2023 and received $3.45 billion in new financing to support its reorganization. The company emerged from Chapter 11 in September after slashing almost $2 billion in debt and closing hundreds of stores.
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