Rite Aid Files for Bankruptcy, Closing Stores and Selling Assets Amid Debt and Opioid Lawsuits

Rite Aid files for bankruptcy due to debt load of $4 billion and opioid litigation risks

Company plans to close unprofitable stores, sell pharmacy benefits unit, and rework debt

Rite Aid began in 1962 as a single drugstore in Scranton, PA; now has 2,000+ locations

Facing lawsuits over role in opioid crisis; agreed to $3.45 billion in bankruptcy financing

CEO says funds will be available for unsecured creditors owed over $667 million