RITE Aid is preparing for a second bankruptcy filing amid continued financial woes.
The drugstore chain filed for the first time in October 2023 and has closed around 800 stores since.
At the time, it had nearly $8.6 billion in total debt, and it’s again having cash struggles, seeking a loan for debtor-in-possession financing in April, sources told Bloomberg on Tuesday.
With the expected second bankruptcy filing, Rite Aid would also sell off more locations, with the remaining unsold stores closed for good.
The U.S. Sun has contacted Rite Aid for comment.
Last month, the drugstore chain began talking to asset-based loan providers to get the cash needed to continue stocking inventory.
It agreed to meet certain operational and financial goals in exchange for the loan assistance.
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