Reports have circulated that the drugstore chain Rite Aid could sell up to 500 stores in a bankruptcy plan. According to sources in the industry, Rite Aid is considering turning to Chapter 11 bankruptcy protection to restructure their debt, which was recently upgraded to “junk” status by credit ratings agencies. The bankruptcy filing would allow the company to shed some of its stores in a bid to reduce costs and protect them from creditors. It is unclear whether a bankruptcy filing is imminent, and no further details have been released. However, reports have suggested that the company is considering selling its stores to larger rivals such as Walgreens or CVS Health. If it does come to fruition, the move could further consolidate the industry and potentially change the competitive landscape of drug retailers around the country.
Rite Aid chain reportedly could sell up to 500 stores in bankruptcy plan
