(WHTM) — A new report indicates that Rite Aid is closer than ever to filing for bankruptcy, and is closing a lot more of its stores.

According to a report from the Wall Street Journal, the pharmacy chain founded in Camp Hill will look to close 400 to 500 additional stores as part of Chapter 11 bankruptcy reorganization.

Several Rite Aid stores have suddenly closed in recent weeks, including some in the Midstate.

The chain now has fewer stores than its main rivals Walgreens and CVS, has billions of dollars in debt, and faces massive lawsuits over its alleged role in the opioid crisis.

This is a developing story. Stay updated on the latest from abc27 News