Rite Aid for the second time in less than a year has sought bankruptcy protection. According to reports, the chain which has been financially struggling for some time, has once more run into numerous issues as of late.
The Lowdown
Monday officially marked yet another dramatic chapter in Rite Aid ‘s ongoing struggles. According to reports, the chain filed for bankruptcy protection for the second time in less than a yyear after a previous attempt at restructuring ultimately failed to address the company’s long-term struggles.
In its whole, Rite is one of the U.S largest pharmancy retailers but in recent years it has struggled big time. Inflationary struggles, sky high debt, and increased competition have all played a part in the retail chain ‘s financial struggles. The filing in New Jersey bankruptcy court shows that the company has liabilities of $1B-$10B.
Also per the filing the company plans to sell all of its assets to either a sole or multiple buyerss during the bankruptcy process.
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