Rite Aid Files For Bankruptcy
Posted on 10/16/2023
Pharmacy chain Rite Aid Corp. has filed for bankruptcy. Stores have been fairly empty in recent years, and entire shelves would lack products at times. Though it appeared improvement was ongoing, some stores remain unprofitable and lawsuits are continuing over the opioid epidemic. Rite Aid has debt of US$ 4 billion. The employee count is at 45,000 spread over 2,000 locations.
Rite Aid will work with lenders and receive US$ 3.45 billion in financing during Chapter 11. It is selling a prescription manager business called Elixir to MedImpact Healthcare Systems Inc. for US$ 575 million.
U.S. authorities allege Rite Aid knew many of the prescriptions it filled for opioids were not legitimate medical therapies.
