Rite Aid, the Philadelphia-based retail pharmacy, has filed for bankruptcy for the second time in under two years and just months after pulling through the first.
As a result, the chain plans to close all remaining Philadelphia stores, writes Kristen Mosbrucker-Garza for WHYY.
According to CEO Matt Schroeder, there is a possibility that Rite Aid will sell itself rather than continue operation. This is because the pharmacy retail chain is currently in talks with multiple potential buyers.
To work its way out of its first bankruptcy proceedings, which began in October 2023, Rite Aid secured $1.94 billion in new financing to help the company tackle its $2 billion debt.
Rite Aid closed dozens of its stores across the region during its first bankruptcy, which ended in September 2024.
As of now, Philadelphia has 33 remaining Rite Aid locations. However, all are now expected to close as a result of this second bankruptcy filing.
Rite Aid’s headquarter location at the Navy Yard, which has a lease that is supposed to run until 2032, is also up for sale.
It remains to be seen who a potential buyer may be, and if the buyer could reopen the shuttered locations as part of a new business.
Read more about Rite Aid’s second bankruptcy at WHYY.
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