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Rite Aid filed for Chapter 11 bankruptcy protection Sunday, a casualty of a miserable environment for drug stores, exacerbated by its runner-up status to bigger chains and expensive legal battles ...
Rite Aid has already seen its share of stores close in recent years, with more locations expected to close in the coming months. Rite Aid files for bankruptcy, plans to close some stores Skip to ...
The complaint alleged Rite Aid filled "hundreds of thousands" of prescriptions that didn't meet legal requirements. Rite Aid also believes filing for Chapter 11 will help it trim its retail footprint.
Rite Aid, one of the largest U.S. pharmacy retailers, stumbled under its high debt, revenue declines, increased competition, and opioid litigation, according to its court filings.
[63] [64] In October 2023, CreditRiskMonitor reported that Rite Aid was nearing a potential bankruptcy filing. [65] On October 15, 2023, amid several opioid lawsuits and legal battles, Rite Aid and some of its affiliated debtors filed for Chapter 11 bankruptcy protection in the United States District Court for the District of New Jersey. The ...
Rite Aid was reported by multiple news outlets to be considering Chapter 11 bankruptcy in September 2023; the pharmacy chain was said to have been petitioning for closures of up to 400 or 500 stores. [ 247 ] [ 248 ] [ 249 ] On October 15, 2023, Rite Aid officially filed for Chapter 11 bankruptcy, announcing plans to close nearly 100 stores. [ 250 ]
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