Rite Aid Corp. runs more than 2,100 stores in the U.S., mostly on the East and West Coasts, and has posted annual losses for several years.
FILE - This photo shows a sign of Rite Aid on its store in Pittsburgh on Jan. 23, 2023. Rite Aid, a major U.S. pharmacy chain, said Sunday, Oct. 15, that it has filed for bankruptcy as part of its effort to restructure its finances. - Rite Aid has filed for bankruptcy protection and plans to sell part of its business as it attempts to restructure while dealing with losses and opioid-related lawsuits.
The company also said it expects to receive court approval for several motions it made to support its business. Those include paying employee wages and benefits without interruption. The company also said it still plans to pay vendors in full. The company, like its rivals, also faces financial risk from lawsuits over opioid prescriptions. Rite Aid already has reached several settlements, including one announced last year with the state of West Virginia for up to $30 million.
Tough market conditions including tight prescription reimbursement and waning COVID-19 vaccine and testing business also have hit drugstores in recent quarters. But Rite Aid’s larger competitors have Walgreens and CVS Health, by contrast, each run about 9,000 locations or more in the U.S., and they have struggled to fill their stores with enough pharmacists and technicians to run the pharmacies.
The company also said it reached a deal to sell its small pharmacy benefits manager, Elixir, to MedImpact Healthcare Systems. Elixir runs prescription drug coverage and a specialty pharmacy among other services. Jeffrey Stein, who heads a financial advisory firm, was appointed Rite Aid’s CEO, replacing Elizabeth Burr, who was interim CEO and remains on Rite Aid’s board. She had replaced Heyward Donigan, who left in January.
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Major US pharmacy chain Rite Aid files for bankruptcyMajor U.S. pharmacy chain Rite Aid says it has filed for bankruptcy and obtained $3.45 billion in fresh financing as it carries out a restructuring plan while coping with falling sales and opioid-related lawsuits.
Weiterlesen »
Major US pharmacy chain Rite Aid files for bankruptcyMajor U.S. pharmacy chain Rite Aid says it has filed for bankruptcy and obtained $3.45 billion in fresh financing as it carries out a restructuring plan while coping with falling sales and opioid-related lawsuits
Weiterlesen »
Major US pharmacy chain Rite Aid files for bankruptcyMajor U.S. pharmacy chain Rite Aid says it has filed for bankruptcy and obtained $3.45 billion in fresh financing as it carries out a restructuring plan while coping with falling sales and opioid-related lawsuits. Rite Aid said it would also close “underperforming” stores.
Weiterlesen »
Major US pharmacy chain Rite Aid files for bankruptcyMajor U.S. pharmacy chain Rite Aid says it has filed for bankruptcy and obtained $3.45 billion in fresh financing as it carries out a restructuring plan while coping with falling sales and opioid-related lawsuits.
Weiterlesen »
Major US pharmacy chain Rite Aid files for bankruptcyMajor U.S. pharmacy chain Rite Aid says it has filed for bankruptcy and obtained $3.45 billion in fresh financing as it carries out a restructuring plan while coping with falling sales and opioid-related lawsuits.
Weiterlesen »
Rite Aid, a major U.S. pharmacy chain, files for bankruptcyMajor U.S. pharmacy chain Rite Aid said Sunday that it has filed for bankruptcy and obtained $3.45 billion in fresh financing as it carries out a restructuring plan while coping with falling sales and opioid-related lawsuits.
Weiterlesen »