Rite Aid Files for Second Bankruptcy, Announces Job Cuts

Less than a year after completing a restructuring that was supposed to turn the troubled pharmacy chain around, Rite Aid Corp. has filed for bankruptcy again.

The company was unable to secure additional capital from lenders in order to continue operating the business, Chief Executive Officer Matthew Schroeder said in a letter to employees that was reviewed by Bloomberg News. The drug store chain is also planning to cut jobs at its corporate offices in Pennsylvania, according to the letter.