Rite Aid Files for Bankruptcy Amid Debt Woes and Opioid Litigation

Customer RelationsCompany CultureHigh Tech / High Touch
Written By Jennifer Joslyn

Rite Aid, a debt-laden U.S. pharmacy chain, has filed for bankruptcy protection and plans to close underperforming stores, sell its pharmacy benefit subsidiary Elixir, and address lawsuits related to the sale of addictive opioid medications. The company has faced financial challenges due to high debt, revenue declines, increased competition, and mounting litigation costs, including allegations of ignoring "red flags" in filling illegal opioid prescriptions. Rite Aid aims to reach an equitable settlement for opioid litigation during the bankruptcy process and has secured a $3.45 billion bankruptcy loan to fund its restructuring.

Read more at Reuters >

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Jennifer Joslyn
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