Are Rite Aid, Macy's Bankruptcy-Bound?

NEW YORK (TheStreet) -- We all knew times were tough for retail stalwarts Macy's(M Quote) and Rite Aid (RAD Quote). But are those companies, in fact, in danger of collapse?

According to a recent study, they are.

Audit Integrity, an independent financial research and risk modeling firm, identified those two as being among 20 publicly traded companies with the highest probability of filing for bankruptcy in the coming 12 months.

Of note: While traditional models for analyzing bankruptcy risk usually look solely at fundamentals, the Audit Integrity study used a quantitative model to track liquidity, debt levels, profitability and stock volatility, as well as the potential for corporate fraud, at more than 2,500 publicly traded companies.

Using these metrics, Rite Aid garnered the highest probability of bankruptcy, at 10.5%.

The drugstore has seen substantial losses over the last two years. In its first fiscal quarter, Rite Aid recorded a loss of $98.4 million, or 11 cents a share, and said it expected a greater deficit for the year.

And things aren't looking much better for second-quarter results, which the drugstore plans to release on Thursday.

In fact, Rite Aid was downgraded on Tuesday to market perform from outperform by an analyst at Raymond James, who said same-store sales fell during each month of the quarter.