Asher Notheis is a social media producer at the Washington Examiner, where he was previously a breaking news reporter. A Liberty University graduate who has spent most of his life in Virginia, Asher started writing articles for his college newspaper before writing stories for the College Fix.
Pharmacy chain Rite Aid is filing for Chapter 11 bankruptcy with the intent of reducing the company's debt.
The company's decision, announced via a press release on Sunday, comes after a report last month stated that the business plans to file for bankruptcy and would close up to 500 stores as part of that process. Rite Aid has assured customers that they can continue to shop at its stores both in-person and online despite the filing.
Stein also said that through this filing, the company will close"additional underperforming stores" with the intent to"reduce the company’s rent expense" and strengthen its financial performance. He added that Rite Aid will work closely with its landlords"to determine the best path forward." In filing for bankruptcy, Rite Aid said that doing so would help the chain resolve litigation claims in an equitable manner, among other benefits that its filing grants. Earlier this year, the Department of Justice sued Rite Aid and alleged that the company knowingly filled unlawful prescriptions for controlled substances that had"red flags" amid the country's opioid crisis.
The pharmacy chain operates 2,054 stores across 17 states, with its main competitors being CVS and Walgreens.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rite Aid Files for Bankruptcy, Undone by Years of LossesDrugstore chain faces hundreds of lawsuits over opioid crisis, struggled for years with failed mergers
Read more »
Drug retailer Rite Aid files for bankruptcy protectionDrug retailer Rite Aid files for bankruptcy protection
Read more »
Rite Aid files for bankruptcy amid slowing sales, opioid litigationDrugstore chain Rite Aid filed for bankruptcy as it faces a mounting debt pile, slowing sales and lawsuits alleging it oversupplied painkillers.
Read more »
Rite Aid files for bankruptcy amid slowing sales, opioid litigationDrugstore chain Rite Aid filed for bankruptcy as it faces a mounting debt pile, slowing sales and lawsuits alleging it oversupplied painkillers.
Read more »
Debt-ridden Rite Aid files for bankruptcy, will close more storesDrugstore chain Rite Aid Corp. filed for bankruptcy Sunday, as it faces billions of dollars of debt related to opioid lawsuits.
Read more »
Rite Aid files for bankruptcy, will close more stores: reportAccording to the WSJ, Rite Aid will close more of its stores and plans to name a new chief executive. Interim CEO Elizabeth Burr will remain on the company's...
Read more »