Rite Aid's Bankruptcy Filing Amidst Sales Slump and Opioid Litigation
Rite Aid, the third-largest standalone pharmacy chain in the US, has filed for Chapter 11 bankruptcy protection due to financial struggles exacerbated by its runner-up status to bigger chains and expensive legal battles over alleged unlawful opioid prescriptions. The company has been deep in the red for the past six years, with losses totaling nearly $3 billion. Rite Aid plans to accelerate store closures, sell off some businesses, and resolve legal disputes through bankruptcy. It has secured $3.5 billion in financing and debt reduction agreements to stay afloat. The company appointed a new CEO and aims to remain in business while strengthening its financial foundation.
- Rite Aid files for bankruptcy CNN
- Rite Aid, Facing Slumping Sales and Opioid Suits, Files for Bankruptcy The New York Times
- Rite Aid files for bankruptcy amid slowing sales, opioid litigation CNBC
- Rite Aid Files for Bankruptcy, Undone by Years of Losses The Wall Street Journal
- Rite Aid files for Chapter 11 bankruptcy protection amid opioid suits The Washington Post
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