Rite Aid Corp (RAD.N) filed for Chapter 11 bankruptcy on Sunday, as it comes under pressure from lawsuits alleging that the drugstore chain helped fuel the opioid crisis in the United States.
A woman shops inside a Rite Aid store underneath a DeepCam security camera in New York City, New York, U.S., June 25, 2020. Picture taken June 25, 2020. REUTERS/Lucas Jackson/File Photofiled for Chapter 11 bankruptcy on Sunday, as it comes under pressure from lawsuits alleging that the drugstore chain helped fuel the opioid crisis in the United States.
Rite Aid listed estimated assets and liabilities in the range of $1 billion to $10 billion in a court filing with the U.S. Bankruptcy Court for the District of New Jersey. Philadelphia, Pennsylvania-based Rite Aid operates more than 2,000 retail stores across 17 states in the U.S., although it is much smaller than its rivals such as Walgreens Boots Alliance
Along with other pharmacy chains, it has been named a defendant in lawsuits that alleged they helped fuel the opioid crisis in the United States.Rite Aid, accusing the pharmacy chain of missing "red flags" as it illegally filled hundreds of thousands of prescriptions for controlled substances, including opioids.have died of drug overdoses in the U.S. since 1999, with opioids playing an outsized role, according to data from the U.S. Centers for Disease Control and Prevention.
Reporting by Abinaya Vijayaraghavan, Mariam Sunny and Sriparna Roy in Bengaluru; Editing by Shweta Agarwal, Pooja Desai and Rashmi AichThe Indian rupee will be pressured by the jump in oil prices over the Middle East conflict and may again have to count on the central bank's assistance, traders said.
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