Pharmacy giant Rite Aid filed for bankruptcy Monday for the second time in two years, and says it’s looking for a buyer. It plans to sell off parts of the business in an attempt to restructure. Rite Aid is the seventh largest pharmacy in America and the third-largest standalone drugstore.

Pennsylvania-based Rite Aid Corp. runs more than 1,300 locations across the country — about half the number of locations it had a few years ago. About 50 of its stores are in Oregon.

Rite Aid said it’s not clear, yet, which of its stores it will sell off or close. All Rite Aid stores will continue to fill prescriptions, and customers will still be able to shop both in store and online during the restructuring, the company said.

“For more than 60 years, Rite Aid has been a proud provider of pharmacy services and products to our loyal customers,” Matt Schroeder, Rite Aid CEO, said in a statement. “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. As we move forward, our key priorities are ensuring uninterrupted pharmacy services for our customers and preserving jobs for as many associates as possible.”

According to the Associated Press, the company has been losing money for years, with an expected net loss of $680 million this fiscal year.

Like many pharmacies, the company has also faced mounting lawsuits over opioid prescriptions. The company settled a $30 million lawsuit with the state of West Virginia in 2023, after the state there alleged the company failed to monitor suspicious orders of painkillers at its locations, which exacerbated the ongoing opioid crisis.

Rite Aid filed for Chapter 11 back in October 2023, and hailed what it called its “comeback story” in September 2024.