Rite Aid Files for Chapter 11 Bankruptcy Amid Opioid Lawsuits and Lagging Sales
  • 6 months ago
Rite Aid filed for Chapter 11 bankruptcy protection in New Jersey on Sunday, allowing them to restructure and significantly reduce debt amid slowing sales and litigation. The company reached a deal with creditors for a restructuring plan that includes evaluating store locations and closing underperforming ones. Lenders also agreed to provide $3.45 billion in new funding. Rite Aid has faced slowing sales, mounting debt, and lawsuits alleging they contributed to the opioid epidemic by oversupplying painkillers. They have appointed a new CEO, Jeffrey Stein, to steer the restructuring.
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