Rite Aid files for bankruptcy, putting Blaine store into question

Pharmaceutical retailer and drug store giant Rite Aid is again filing for bankruptcy, announcing on May 5 that the company is looking for a buyer.

The company filed for Chapter 11 bankruptcy in October 2023 after reported losses nearing $3 billion. Seven months later, the drug store chain promised customers will continue to be able to access pharmacy services, including prescriptions and immunizations.

Through the last bankruptcy process, Rite Aid closed about 500 locations, though the Blaine location at 1195 Boblett Street remained open. It is unclear whether more stores will close as a result of the new bankruptcy.

The company currently has 1,240 retail locations across the country, down by almost half the number of stores prior to the 2023 Chapter 11 filing.

“While we have continued to face financial challenges, intensified by the rapidly evolving retail and healthcare landscapes in which we operate, we are encouraged by meaningful interest from a number of potential national and regional strategic acquirors,” Rite Aid CEO Matt Schroeder wrote in a statement. “As we move forward, our key priorities are ensuring uninterrupted pharmacy services for our customers and preserving jobs for as many associates as possible.”