Rite Aid is preparing to file for bankruptcy in order to address lawsuits related to its alleged role in the sale of opioids.
Rite Aid's stock plummeted over 50% after reports of the retail pharmacy's preparation to file for Chapter 11 bankruptcy due to increasing costs from opioid lawsuits and potential store closures, with the company's stock losing 90% of its value over the past year.
Three major pharmacy chains, Walgreens, CVS Pharmacy, and Rite Aid, will start selling the opioid overdose reversal drug Narcan without a prescription nationwide in early September, in an effort to combat the opioid crisis.
Rite Aid, the third-largest nationwide standalone pharmacy chain in the US, has filed for Chapter 11 bankruptcy protection due to financial struggles worsened by legal battles over illegal opioid prescriptions, competition from bigger rivals, and the rise of alternative options like Amazon and big-box chains.
Major U.S. pharmacy chain Rite Aid has filed for bankruptcy and secured $3.45 billion in financing as part of a restructuring plan aimed at reducing debt and addressing falling sales and opioid-related lawsuits.
The closure of drugstore chains like Rite Aid is leading to health risks for communities, including older adults failing to take medication, and is driven by factors such as competition, debt, and expensive legal battles, as well as the rise of online retailers and theft, prompting a shift towards the more lucrative healthcare industry.
Rite Aid has filed for bankruptcy as part of its efforts to reduce debt and restructure, but the company assures customers that it will continue serving them in-store and online.
Pharmacy chain Rite Aid has filed for Chapter 11 bankruptcy, joining other retailers that have struggled due to consumer focus on essential goods and decreased spending on discretionary items, a trend that may continue to impact retailers after the holiday season.
Drugstore chain files for bankruptcy, joining the growing number of companies suffering financial collapse in 2023.
Rite Aid has filed for Chapter 11 bankruptcy and will close over a dozen stores in Michigan, raising concerns about access to medicine and care.
Rite Aid, the third-largest standalone pharmacy chain in the US, is planning to sell around 100 of its stores as part of its restructuring efforts amid financial difficulties and increased competition from big-box chains like Walmart and Target as well as online retail giant Amazon.
Rite Aid will continue to sell products with the ingredient phenylephrine, despite an advisory committee declaring it ineffective when taken orally, but will comply if the FDA decides to remove these products.
Rite Aid plans to close its warehouse in Wilsonville, Oregon, next spring, resulting in 136 workers losing their jobs, as part of the company's Chapter 11 bankruptcy restructuring.
