Rite Aid the pharmacy chain has filed for bankruptcy following a slew of opioid related lawsuits. Rite Aid is among the pharmacies in America being sued by the Department of Justice for their role in the opioid crisis that has America by the neck.
Rite Aid has secured a fresh round of financing amid reports that they’ve got $3.5B to help them through their bankruptcy filings. According to reports, the financing comes as a wide number of stores are expected to be closed due to under-performing metrics.
The chain hopes that closing some of the under-performing stores will instead help it lower its significant debt tab. Back in March, the Department of Justice sued the popular store over claims that it helped along illegal prescriptions from May 2014 until about June 2019.
Back in 2022, Rite Aid began settling some of those lawsuits to the tune of more than $30m. In its filing in NJ, the chain claims that falling sales; debts, and litigation are the driving factor behind the proceedings.