Rite Aid Files for Bankruptcy to Restructure Debt and Settle Opioid Lawsuits

Rite Aid files for bankruptcy amid declining sales and opioid lawsuits
The pharmacy chain reached an agreement with creditors on a restructuring plan
The plan aims to reduce debt and resolve litigation claims equitably
Rite Aid settled lawsuits in 2022 alleging it contributed to opioid oversupply
The bankruptcy filing is part of a broader restructuring effort
The company obtained $3.45 billion in fresh financing as part of the plan
Some underperforming stores among over 2,100 locations will close