Rite Aid files for bankruptcy stores remain open for now

Rite Aid has re-entered Chapter 11 bankruptcy proceedings, seeking to sell most of its assets while keeping stores open for now. The chain, which currently operates 1,245 locations in 15 states, including three in the Moscow-Pullman area, has ceased purchasing new inventory, leading to expected shortages. Rite Aid has secured $1. 94 billion in financing to navigate this process. The company aims to facilitate the transfer of customer prescription files to other pharmacies, though it faces challenges in ensuring accessibility for customers in rural areas.

Rite Aid has struggled financially for years, driven by factors such as increased theft and competition from online retailers. With its bankruptcy filing, Rite Aid plans to sell off inventory and customer records as part of its restructuring strategy. The company previously sold its pharmacy benefits management business, Elixir Solutions, for $576 million in an attempt to reduce debt. Rite Aid’s situation reflects broader challenges in the retail pharmacy sector, with competitors like Walgreens and CVS also facing store closures.