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Rite Aid files for Chapter 11 bankruptcy, names new CEO

Posted on AllSides October 16th, 2023
From The Center

Major U.S. pharmacy chain Rite Aid said Sunday that 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.

In 2022, Rite Aid settled for up to $30 million to resolve lawsuits alleging pharmacies contributed to an oversupply of prescription opioids. It said it had reached an agreement with its creditors on a financial restructuring plan to cut its debt and position itself for future growth and that the bankruptcy filing was part of that...

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https://www.newsnationnow.com/business/rite-aid-files-for-chapter-11-bankruptcy-names-new-ceo/

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