AFTER amassing over $2 billion in net losses, Rite Aid has announced they are filing for bankruptcy.

Shoppers flocked online to react to the shocking retail news, many speculating about the reasons why the pharmacy is filing for Chapter 11.

The company plans to close more of its over 2,100 stores, according to the Wall Street Journal.

In a press release, CEO, Elizabeth Burr described the decision to file for bankruptcy as a step to move forward as a “stronger” company.

“With the support of our lenders, we look forward to strengthening our financial foundation, advancing our transformation initiatives, and accelerating the execution of our turnaround strategy,” she explained.

“In doing so, we will be even better able to deliver the healthcare products and services our customers and their families rely on – now and into the future.”

The news comes just after the popular retailer has been entangled in a string of lawsuits regarding opioid prescriptions.

Rite Aid has denied allegations regarding pharmacists filling opioid prescriptions despite “red flags.”

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Shoppers have other theories as to why Rite Aid has been forced to implement a restructuring plan.

One customer posted a photo of metal gates at their local New York City Rite Aid.

“Just saw that Rite Aid filed for bankruptcy,” the shopper wrote. “I went into a Rite Aid in the East Village in NYC on Friday. I was shocked to see that they had metal gates to protect the aisles. I wonder why…”

They are not the only person to draw a connection between the closure and the retailer’s struggle to get a handle on theft.

In another reaction, one Twitter user posted security footage of a large group of people breaking into a Rite Aid in Philadelphia.

“Rite Aid looted in Philly. This is the reason,” they captioned the astonishing clip.

A third person was disappointed to see the store shutter for the very reason that people speculate it’s filed for bankruptcy.

“Rite Aid is going bankrupt??? No whyyyyy I love stealing from them,” they exclaimed.

The company has not indicated whether theft was a contributing factor in its decision.

Retail crime went up by 26 percent in 2021 and the offenses are becoming more and more violent, according to the National Retail Federation.