Rite Aid had been struggling with mounting debt and the cost of hundreds of lawsuits filed against the company for its alleged role in the U.S. opioid crisis.
Rite Aid filed for Chapter 11 bankruptcy protection on Sunday in New Jersey, citing slumping sales and more than a thousand lawsuits linked to its alleged role in the U.S. opioid crisis as the main reasons behind this move.The company, one of the largest pharmacy chains in the U.S., said it has received a commitment for $3.45 billion in new funding from some of its lenders to provide 'sufficient liquidity' to help it through the bankruptcy process.
Slumping sales for the company have been linked to a stark drop in demand for COVID-19 vaccines and testing as the health emergency was officially declared over earlier this year by President Joe Biden's administration, as well as a general loss of customers to retailers like Amazon, Target, and Walmart and competitors such as CVS and Walgreens.Opioid LawsuitsRite Aid is one of several pharmacy chains which have been accused of being involved in the U.S.
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