For the second time in less than two years, Philadelphia-based Rite Aid has filed for bankruptcy and announced plans to close or sell all of its remaining stores.

According to court documents filed Monday in U.S. Bankruptcy Court in New Jersey, the company will continue pursuing buyers for all or part of its assets and will begin liquidation sales at its retail locations and distribution centers.

CEO Matt Schroeder said Rite Aid remains burdened by ongoing financial challenges, compounded by shifts in both the retail and healthcare industries.

In the interim, Rite Aid stores will continue to fill prescriptions, administer vaccines, and serve customers. The company is also working to transfer prescriptions to other pharmacies as locations begin to close.

*Article courtesy of The Inquirer

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