Rite Aid files for Chapter 11 bankruptcy, plans to keep stores open during proceedings

From Yahoo Finance: 2025-05-06 12:50:00

Rite Aid has initiated Chapter 11 bankruptcy proceedings, citing financial challenges exacerbated by evolving retail and healthcare landscapes. The company operates 1,240 stores across 15 states, assuring customers access to pharmacy services. Rite Aid secured $1.94 billion in new financing to keep stores operational during bankruptcy proceedings and a potential sale. Locations in Ohio and Michigan have been impacted by recent closures. Employees will retain pay, but job cuts are anticipated. Rite Aid is working to transfer customer prescriptions to other pharmacies, offering a store locator tool for information. CEO Matt Schroeder noted substantial interest from potential national and regional acquirors.



Read more at Yahoo Finance: Are Rite Aid stores closing? What about your prescriptions? Details on bankruptcy filing