photo #8228257

Rite Aid files for second bankruptcy in two years... sparking fears of mass closuresRite Aid is filing for bankruptcy — again. Just seven months after emerging from Chapter 11, the drugstore chain is running out of money again and seeking a new owner.Filing for bankruptcy protection allows it to negotiate with lenders to reduce its debts.Announcing the move on Monday, Rite Aid said it will keep its 1,245 stores open during the bankruptcy process and will work to ensure customer prescriptions are transferred to other pharmacies as it seeks a sale. Retail expert Neil Saunders said the second bankruptcy was inevitable because the chain's lack of money means it cannot keep store shelves stocked. This poor shopping experience means shoppers don't return. Rite Aid remains a distant third in the retail pharmacy race, trailing industry giants CVS and Walgreens. When Rite Aid filed for its last bankruptcy in October 2023, the company operated more than 2,000 stores and employed about 47,000 people. After shuttering hundreds of locations — including almost all in Ohio and Michigan — Rite Aid emerged from bankruptcy with around 1,245 stores in 15 states. It is a far cry from 2008 when it operated 5,059 locations.If a buyer doesn’t emerge the chain could be forced to shut down even more of its stores.