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Pharmacy chain Rite Aid has begun Chapter 11 bankruptcy proceedings, the company announced on Monday, May 5. Rite Aid CEO Matt Schroeder pointed to financial challenges that "intensified by the rapidly evolving retail and healthcare landscapes" for the filing in U.S. Bankruptcy Court for the District of New Jersey. The company, which operates 1,240 stores across 15 states, said that customers will be able to access pharmacy services and that it is "working to facilitate a smooth transfer of customer prescriptions to other pharmacies." "As we move forward, our key...