Rite Aid said it would also close “underperforming” stores.
WASHINGTON — 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
Rite Aid Corp. runs more than 2,100 stores in the United States, mostly on the East and West Coasts, and has posted annual losses for several years. In March, the U.S. Justice Department intervened in a whistleblower lawsuit brought by former employees under the False Claims Act. Federal officials said in a statement that the drugstore chain filled “at least hundreds of thousands” of illegal prescriptions for drugs including opioids.
Deutsche Bank analyst George Hill said in an August note that Rite Aid operates on a much thinner profit margin than its competitors and while it can pay costs to service its debt, it won’t be able to cover principal payments “based on the current trajectory of the business.” Rite Aid said MedImpact will serve as the “stalking horse bidder” in a court-supervised sale process.it does not know yet which stores it will close, but it will make “every effort” to ensure that customers have access to health services either at another Rite Aid location or another nearby pharmacy.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Rite Aid files for bankruptcy, will close underperforming storesThe Philadelphia-based drugstore chain's bankruptcy filing comes as it faces federal, state and other lawsuits.
Weiterlesen »
Rite Aid files for bankruptcy, will close ‘underperforming stores’The company's announcement Sunday said that it had named Jeffrey Stein as its new chief executive officer and chief restructuring officer as well as a member of its board.
Weiterlesen »
Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To CloseI've written about health care for three decades, starting from my native Iowa where I covered the presidential campaign bus rides of Bill and Hillary Clinton through the Hawkeye state talking health reform and the economy.
Weiterlesen »
Rite Aid files for bankruptcy, will shut 'underperforming' stores as it retrenchesPharmacy chain Rite Aid says it has filed for bankruptcy and obtained nearly $3.5 billion in fresh financing as it carries out a restructuring plan.
Weiterlesen »
Rite Aid seeks Chapter 11 bankruptcy protection as it deals with lawsuits and lossesRite 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.
Weiterlesen »
Rite Aid seeks Chapter 11 bankruptcy protection as it deals with lawsuits and lossesRite Aid has filed for bankruptcy and plans to sell part of its business as it attempts to restructure while dealing with losses and opioid-related lawsuits.
Weiterlesen »