Struggling pharmacy chain Rite Aid is once again facing money woes, forcing the company to file for bankruptcy again.
According to a court filing, the company filed for bankruptcy protection for the second time in just two years. The company “was unable to secure additional capital from lenders that was needed to continue operating the business,” Bloomberg reported, citing a letter from CEO Matthew Schroeder.
Rite Aid used its 2023 bankruptcy to cut $2 billion in debt, shut hundreds of stores, sell its pharmacy benefit company Elixir, and negotiate settlements with creditors, including McKesson. That process also resolved lawsuits “alleging that Rite Aid ignored red flags when filling suspicious prescriptions for addictive opioid…
