Rite Aid files for bankruptcy; gets $3.45 billion commitment.
U.S. pharmacy chain Rite Aid announced Sunday that it has filed for bankruptcy and obtained $3.45 billion in financing as it carries out a restructuring plan.U.S. pharmacy chain Rite Aid announced Sunday that it has filed for bankruptcy and obtained $3.45 billion in financing as it carries out a restructuring plan,In 2022, Rite Aid paid up to $30 million to resolve lawsuits alleging pharmacies contributed to an oversupply of prescription opioids.
The bankruptcy filing is meant to cut its debt and position itself for future growth, the company said. The move will halt lawsuits the drugstore chain is facing, Reuters reported.Jeffrey S.
“With the support of our lenders, we look forward to strengthening our financial foundation, advancing our transformation initiatives and accelerating the execution of our turnaround strategy. In doing so, we will be even better able to deliver the healthcare products and services our customers and their families rely on – now and into the future.”
Stein continued, “We remain focused on serving our customers and communities, and we are grateful that they continue to choose our stores and pharmacies for their healthcare needs. We thank our associates for their ongoing hard work and dedication, and we extend our gratitude to our partners, suppliers and vendors for their continued support.
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