Major U.S. pharmacy chain Rite Aid says it has filed for bankruptcy and obtained $3.45 billion in fresh financing as it carries out a restructuring plan while coping with falling sales and opioid-related lawsuits.
FILE - This photo shows a sign of Rite Aid on its store in Pittsburgh on Jan. 23, 2023. Rite Aid, a major U.S. pharmacy chain, said Sunday, Oct. 15, that it has filed for bankruptcy as part of its effort to restructure its finances. – Major U.S. pharmacy chain Rite Aid said Sunday that it has filed for bankruptcy and obtained $3.45 billion in fresh financing as it carries out a restructuring plan while coping with falling sales and opioid-related lawsuits.
In March, the Justice Department filed a complaint against Rite Aid, alleging it knowingly filled hundreds of thousands of unlawful prescriptions for controlled substances from May 2014-June 2019. It also accused pharmacists and the company of ignoring “red flags” indicating the prescriptions were illegal.
Earlier this month, Rite Aid notified the New York Stock Exchange that it was not in compliance with listing standards. During a grace period, the company's stock continues to be listed and traded.
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Major US pharmacy chain Rite Aid files for bankruptcyMajor U.S. pharmacy chain Rite Aid says it has filed for bankruptcy and obtained $3.45 billion in fresh financing as it carries out a restructuring plan while coping with falling sales and opioid-related lawsuits.
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Major US pharmacy chain Rite Aid files for bankruptcyMajor U.S. pharmacy chain Rite Aid says it has filed for bankruptcy and obtained $3.45 billion in fresh financing as it carries out a restructuring plan while coping with falling sales and opioid-related lawsuits
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Major US pharmacy chain Rite Aid files for bankruptcyMajor U.S. pharmacy chain Rite Aid says it has filed for bankruptcy and obtained $3.45 billion in fresh financing as it carries out a restructuring plan while coping with falling sales and opioid-related lawsuits. Rite Aid said it would also close “underperforming” stores.
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Drugstore chain Rite Aid files for bankruptcyThe filing could help Rite Aid manage its billions of dollars in debt and shield it from lawsuits alleging that it unlawfully filled opioid prescriptions.
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Philadelphia-based Rite Aid pharmacy files for Chapter 11 bankruptcyThe bankruptcy process will help Rite Aid reduce more than $3 billion in debt and accelerate store closures.
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Drug retailer Rite Aid files for bankruptcy, gets $3.45B commitmentToday's Video Headlines
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