Rite Aid files for Chapter 11 bankruptcy.
PENNSYLVANIA, USA — Rite Aid has already closed several stores here in our area. We'll see if the pace picks up now that the chain is in Chapter 11 bankruptcy...
In a move that's been expected for weeks, Rite Aid declared Chapter 11 in a New Jersey court late yesterday. The company is billions in debt. This year's losses will be at least 650 million dollars, according to a Rite Aid spokesman. The chain faces lawsuits after allegedly illegally prescribing opioids. You can grab a share of Rite Aid stock for only 65 cents. Here is what happens next. The company has new leadership and three and a half billion dollars in new financing. Underperforming stores will close. Rite Aid did not give a number, location, or timeline.
Rite Aid started in downtown Scranton in 1962. There is still a store on North Washington Avenue. Right now, Rite Aid has 2,100 stores in 17 states. We will see how that changes now that Rite Aid is bankrupt.WPMT would like to send you push notifications about the latest news and weather.
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