Rite Aid Files for Bankruptcy Due to Debt and Opioid Lawsuits, Secures Financing to Operate During Proceedings
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Rite Aid filed for bankruptcy protection due to rising debt and opioid litigation. The filing will allow it to resolve litigation claims.
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The drugstore chain has received a $3.45 billion commitment from lenders to provide liquidity during bankruptcy.
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Rite Aid became the 3rd largest U.S. drugstore chain with over 2,000 stores, but was hit by opioid lawsuits.
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The company has $8.6 billion in total debt and $7.65 billion in assets.
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Rite Aid appointed a new CEO and will close underperforming stores, transferring employees where possible.
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