Rite Aid filed for Chapter 11 bankruptcy on Sunday, a move that would halt lawsuits the drugstore chain is facing over its alleged role in the U.S. opioid crisis and named a new CEO.
Rite Aid said it has received a commitment for $3.45 billion in new financing from some of its lenders, which will provide enough liquidity to support it through the bankruptcy process. The Chapter 11 filing will also allow Rite Aid to resolve litigation claims in an “equitable manner”, the company said.
The company operates more than 2,000 retail stores across 17 states in the U.S. The Chapter 11 filing makes Rite Aid one of several companies that have filed for bankruptcy as they face lawsuits over the opioid crisis in the U.S.
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Rite Aid says it has filed for bankruptcy and obtained $3.45 billion in fresh financing as it carries out a restructuring plan while coping with falling sales and opioid-related lawsuits. https://t.co/zbT3supvFV pic.twitter.com/OIpFlgDxzM
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