Rite Aid has filed for bankruptcy protection and plans to sell part of its business as it attempts to restructure while dealing with losses and opioid-related lawsuits.
The drugstore chain said late Sunday it also has obtained $3.45 billion in fresh financing from some of its lenders, which will help support the company through its voluntary Chapter 11 process.
The Philadelphia company, which is marking its 60th birthday this year, has been cutting costs and closing some stores as it has dealt with long-standing financial challenges. Tough market conditions including tight prescription reimbursement and waning COVID-19 vaccine and testing business also have hit drugstores in recent quarters. But Rite Aid’s larger competitors have moved more aggressively into health care, opening clinics and adding other sources of revenue.Drugstores also have been dealing with several issues that frustrate customers.
Rite Aid said MedImpact will serve as the “stalking horse bidder” in a court-supervised sale process.
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