Rite Aid files for bankruptcy amid opioid lawsuits, growing debt

Rite Aid filed for bankruptcy protection late Sunday, dragged down by falling sales, years of debt and a slew of lawsuits alleging that the drugstore chain helped fuel the nation's opioid epidemic by unlawfully filling prescriptions for the painkillers. The Philadelphia-based retailer is expected to close more stores as its Chapter 11 case unfolds in U.S. Bankruptcy Court in New Jersey. Lenders have agreed to provide $3.

Meanwhile, retail giants like Amazon and Walmart have beefed up their pharmacy and medical treatment offerings, and offer more competitive pricing in store aisles on household essentials like toothpaste and body wash. Inflationary pressure has also taken its toll. Consumers have pulled back on discretionary spending, leading front of store sales at Rite Aid to decline by 4.4 percent in the latest quarter.

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