Rite Aid Reportedly Preparing For Second Bankruptcy After Failing To Secure Capital From Lenders, Plans Corporate Job Cuts

Rite Aid Reportedly Preparing For Second Bankruptcy After Failing To Secure Capital From Lenders, Plans Corporate Job Cuts

Rite Aid might be preparing for bankruptcy… again.

According to Bloomberg News, the U.S. pharmacy chain intends to file for bankruptcy protection for the second time in two years, and this time, job cuts are part of the plan.

In an internal letter sent to employees, CEO Matthew Schroeder said the company was unable to secure the additional capital needed to stay afloat. The letter reportedly states that Rite Aid will reduce its workforce at its corporate offices in Pennsylvania.

 

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Rite Aid has not yet publicly responded.

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