Popular Retailer In Massachusetts Facing 2nd Bankruptcy

More bad news for a struggling retailer that will probably lead to more store closings, Massachusetts friends and neighbors. I know, I know. The song remains the same, as they say, but I know it's frustrating for a lot of people.

I'm sure that many of you readers remember Fall of 2023, when one of the largest drugstore chains in America filed for bankruptcy because they were well over $8 billion in debt.

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I'm referring to Rite Aid, of course. Since that first bankruptcy filing, Rite Aid has closed more than 800 stores nationwide. By the end of the bankruptcy process and the closing of all those locations, the company got rid of about $2 billion worth of its debt.

Rite Aid also received approximately $2.5 billion in exit financing. But now, according to the U.S. Sun, the company is still having cash struggles and are currently seeking a loan for debtor-in-possession financing.

The U.S. Sun reports that, with the second bankruptcy filing, Rite Aid would be selling off more locations. Any location left unsold would close permanently. What does this mean for the Commonwealth?

Time will tell. One thing is for certain, however. Massachusetts could scarcely stand to lose any more Rite Aid locations than it already has. As of now, there are only 4 Rite Aid locations still operating in Massachusetts.

These locations are located in the cities of Clinton, Fall River, Greenfield, and New Bedford. I guess we'll have to wait and see how it plays out before we can call the race. Visit the U.S. Sun's website here for the full story.