Rite Aid files for bankruptcy, laying off 1,000 and auctioning 1,200 stores due to financial woes.

Rite Aid, a major US drugstore chain, is laying off 1,000 employees and auctioning off about 1,200 stores due to financial struggles, marking its second Chapter 11 bankruptcy filing within a year. The company is facing increased competition from retail giants like Amazon and Walmart. Customers are advised to use gift cards and rewards by June 6 as the company prepares to close stores across multiple states.