Rite Aid Files for Bankruptcy Amid Rising Debt

📆 10/16/2023 3:27 PM
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Debt-laden Rite Aid filed for bankruptcy protection Sunday and said it would close underperforming stores, as the drugstore chain comes under pressure from lawsuits alleging that it helped fuel the U.S. opioid crisis.

The filing will allow it to resolve litigation claims in an "equitable manner," the company said, adding it has received a commitment for $3.45 billion from some lenders, which will provide liquidity during the bankruptcy process.

But it was pummeled by lawsuits alleging pharmacies contributed to an oversupply of prescription opioids, which has played a major role in the more than 1 million deaths due to drug overdoses in the United States since 1999.

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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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