Rite Aid Files For Bankruptcy
FILE - This photo shows a sign of Rite Aid on its store in Pittsburgh on Jan. 23, 2023. Rite Aid, a major U.S. pharmacy chain, said Sunday, Oct. 15, that it has filed for bankruptcy as part of its effort to restructure its finances. (AP Photo/Gene J. Puskar, File)
(Associated Press) – Rite Aid has filed for bankruptcy and plans to sell part of its business as it attempts to restructure while dealing with losses and opioid-related lawsuits.
The drugstore chain said late Sunday it also has obtained $3.45 billion in fresh financing from some of its lenders.
That will help support the company through its voluntary Chapter 11 process.
Rite Aid says its plan will significantly reduce the company’s debt while helping to some of its litigation.
The company says the filing will not not affect business operations.
It is arranging for payment of wages and other costs as usual.
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