Rite Aid returns to bankruptcy protection as it seeks to sell all assets
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.'
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