CORTLAND, NY (607NewsNow) – A well-known pharmacy is filing for bankruptcy for the second time in less than two years.

On May 5, Rite Aid announced that they have begun Chapter 11 proceedings and intends to sell all its stores.

CEO Matt Schroeder says the company, which has been operating for over 60 years, continues to face financial challenges exacerbated by a “rapidly evolving retail and healthcare landscape,” adding that he is, however, encouraged by potential national and regional strategic acquisition firms.

Cortland is one of the 178 remaining New York locations headed for closure. All prescriptions will be transferred to other pharmacies, and companywide layoffs will reportedly begin in June.

Beginning June 5, Rite Aid will no longer honor gift cards or accept returns and exchanges.