Business

Rite Aid heading for bankruptcy again, plans to cut jobs: report

May 5, 2025

Pharmacy chain Rite Aid intends to file for bankruptcy protection for the second time in two years, and is also planning to cut jobs, Bloomberg News reported Monday.

The company was unable to secure additional capital from lenders that was needed to continue operating the business, the report said, citing a letter from CEO Matthew Schroeder.

The letter states that the drug store chain intends to reduce its workforce at its corporate offices in Pennsylvania.

Rite Aid was unable to secure additional capital from lenders that was needed to continue operating the business. Getty Images

Rite Aid didn’t immediately respond to a Reuters request for comment.

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Wesley Scott

Wesley Scott is a seasoned business journalist with a knack for breaking down complex financial matters and corporate trends. With a background that includes seven years working on Wall Street, Wesley brings insider knowledge to his reporting, offering readers both depth and clarity. His articles cover a wide range of topics, from market trends and corporate leadership changes to business ethics and the impact of global events on industries. Known for his ability to identify emerging patterns in the business world, Wesley’s writing serves as a reliable resource for professionals and curious readers alike. Whether covering shifts in consumer behavior or unraveling the dynamics of corporate mergers, Wesley's work ensures his audience stays ahead of the curve.