(Reuters) -U.S. 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 on Monday, citing an internal letter sent to employees.
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 didn’t immediately respond to a Reuters request for comment.
(Reporting by Christy Santhosh in Bengaluru; Editing by Alan Barona)
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