Camp Hill, Pa. — Rite Aid has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of New Jersey, marking the second time in 24 months that the Pennsylvania-based convenience and drugstore chain has filed for voluntary bankruptcy protection. The previous filing in October 2023 preceded the closure of hundreds of stores across the country. The company is currently exploring opportunities to be acquired by outside entities.
The company did not explicitly state how many of its stores would be immediately impacted but noted that it would “divest or monetize any assets that are not sold through the court-supervised process.”
To facilitate a potential sale, Rite Aid has secured commitments from some of its existing lenders to access approximately $1.9 billion in new financing, which will be used to fund existing operations prior to and during a court-supervised sales process. According to USA Today, Rite Aid operated about 1,200 stores across 15 states at the time of the latest filing.