The pharmaceutical chain is struggling with falling sales and payments from opioid-related lawsuits.
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.
The plan will “significantly reduce the company’s debt” while helping to “resolve litigation claims in an equitable manner,” Rite Aid said. The Justice Department acted after three whistleblowers who had worked at Rite Aid pharmacies filed a complaint.
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Rite Aid files for bankruptcy, plans to close some storesJustin Boggs is a writer for the E.W. Scripps company. Justin covers anything from politics to sports and entertainment.
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Rite Aid files for bankruptcy, announces financial restructuring plans amid opioid complaints, lawsuitsThe drugstore chain operates over 2,100 locations across 17 states.
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Debt-ridden Rite Aid files for bankruptcy, will close more storesDrugstore chain Rite Aid Corp. filed for bankruptcy Sunday, as it faces billions of dollars of debt related to opioid lawsuits.
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Rite Aid files for bankruptcy, will close underperforming storesThe Philadelphia-based drugstore chain's bankruptcy filing comes as it faces federal, state and other lawsuits.
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Rite Aid files for bankruptcy, will close ‘underperforming stores’The company's announcement Sunday said that it had named Jeffrey Stein as its new chief executive officer and chief restructuring officer as well as a member of its board.
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