Rite Aid's Bankruptcy Filing and Leadership Changes Amid Opioid Lawsuits and Sales Decline
Rite Aid, a major U.S. pharmacy chain, has filed for bankruptcy and secured $3.45 billion in financing as it faces opioid-related lawsuits and declining sales. The company settled for up to $30 million in 2022 to resolve lawsuits alleging its pharmacies contributed to an oversupply of prescription opioids. Rite Aid plans to reduce its debt and position itself for future growth through a financial restructuring plan. The bankruptcy filing will help resolve litigation claims and significantly reduce the company's debt. Rite Aid has been burdened by underperforming stores and has closed over 200 locations in recent years. The company employs 45,000 people, including over 6,100 pharmacists, and fills nearly 200 million prescriptions annually.