Drugstore chain Rite Aid Corporation has again filed for bankruptcy less than a year after exiting from the previous one, with the chain now looking to sell “substantially all of its assets,” the company said in a May 5 statement.
Rite Aid and its subsidiaries filed for Chapter 11 bankruptcy at the U.S. Bankruptcy Court for the District of New Jersey. To support Rite Aid during the sales process, the company “has secured commitments from certain of its existing lenders to access $1.94 billion in new financing,” the statement said.
“This financing, along with cash from operations, is expected to provide sufficient funding during the sale and court-supervised process.”…