The pharmaceutical chain is struggling with falling sales and payments from opioid-related lawsuits.
Major 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.
The plan will “significantly reduce the company’s debt” while helping to “resolve litigation claims in an equitable manner,” Rite Aid said. The Justice Department acted after three whistleblowers who had worked at Rite Aid pharmacies filed a complaint.
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Rite Aid files for bankruptcy, plans to close some storesJustin Boggs is a writer for the E.W. Scripps company. Justin covers anything from politics to sports and entertainment.
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