Rite Aid Files for Bankruptcy to Restructure Debt, But Vows to Keep Serving Customers

Rite Aid filed for bankruptcy to reduce debt and restructure, but says it's not going out of business. Customers can still get prescriptions, rewards, etc.

Rite Aid will accelerate closing underperforming stores and pharmacies to cut costs. Customers at closed locations will need to transfer prescriptions.

The company expects to post a net loss up to $680 million this fiscal year. It faces financial risks from opioid lawsuits.

Rite Aid has reached a deal with key creditors on a financial restructuring plan. It also secured $3.45 billion in new financing.

The company says it remains committed to serving customers and is grateful for their business. It runs over 2,000 stores mainly on the coasts.