Rite Aid Is Filing For Bankruptcy: Here’s What’s Happened

Key Takeaways

• Rite Aid has filed for Chapter 11 bankruptcy protection, and has received a $3.45 billion lifeline from investors to help them plan their restructure
• The company has come under increased pressure for their high levels of debt, as well as ongoing litigation stemming from the opioid epidemic

Drugstore chain Rite Aid is seeking bankruptcy protection, with plans to divest a segment of its operations amidst financial problems and legal battles tied to opioids.

The firm assured that its stores would maintain their prescription services, and customers wouldn’t notice any interruptions to their services as they work their way through the Chapter 11 proceedings. This approach will also expedite its initiative to shut down stores that aren’t meeting performance benchmarks.