Major US pharmacy chain Rite Aid files for bankruptcy

Published October 15, 2023 10:57 PM

The Associated Press

PHILADELPHIA (AP) — Major U.S. pharmacy chain 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. Rite Aid said it would also close “underperforming” stores. Rite Aid, which owns Bartell Drug, is among the companies that has faced lawsuits over the opioid epidemic. It said the head of a financial advisory firm, Jeffrey Stein, was appointed CEO as of Sunday, replacing interim CEO Elizabeth Burr. In 2022, Rite Aid settled for up to $30 million to resolve lawsuits alleging its pharmacies contributed to an oversupply of prescription opioids.

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Associated Press

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