Rite Aid has announced it is filing for bankruptcy for a second time as the beleaguered drug store chain looks for a buyer.

In a press release, Rite Aid announced it has filed for Chapter 11 bankruptcy and will sell its remaining stores. It has secured some $1.94 billion in new financing to allow locations to remain open during the sales process. The chain hasn’t officially announced the closing of any locations but other reports show shutdowns, including all 178 Rite Aid locations in New York.

“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 acquirers,” said Matt Schroeder, the Chief Executive Officer of Rite Aid, in the same release.

The latest filing comes less than eight months after the drugstore chain exited Chapter 11 bankruptcy under a new private owner.

Rite Aid has continued to struggle due to high debt, increased competition and cutbacks by inflation-weary customers. According to Reuters, the company has liabilities in the range of $1 billion to $10 billion.

What if you have a prescription at Rite Aid?

For now, Rite Aid customers can continue to access pharmacy services and products – including prescriptions and immunizations – in stores and online during the sales process, the company said. It is working to facilitate a “smooth transfer” of customer prescriptions to other pharmacies.

“As we move forward, our key priorities are ensuring uninterrupted pharmacy services for our customers and preserving jobs for as many associates as possible,” Schroeder said.

Rite Aid customers can no longer use rewards points to purchase items, and it will no longer honor gift cards or accept any returns or exchanges beginning June 5.

CNN reports Rite Aid has about 1,250 stores remaining — roughly half of the number of stores it had in 2023.