Philadelphia-based pharmaceutical retail pharmacy chain Rite Aid has announced it has initiated Chapter 11 bankruptcy proceedings. The company has been operating in the red for the last six years with combined losses of $2.9 billion.
Rite Aid announced a commitment of $3.45 billion in new financing while it undergoes restructuring.
The company operates more than 2,100 stores across 17 states on both coasts and has had trouble competing with larger rivals CVS and Walgreens and online retailers like Amazon.
The company announced plans to close underperforming stores and put others up for sale.
Rite Aid operates one store on Boblett Street in Blaine along with five other stores across Whatcom County.
CNN reported that the Blaine store would be closed while others did not mention Blaine would be closed.
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