Rite Aid, one of the largest U.S. pharmacy retailers, stumbled under its high debt, revenue declines, increased competition, and opioid litigation, according to its court filings.
Founded in 1962, Rite Aid employs 45,000 people at more than 2,000 retail stores in 17 states, and will remain open for business during the bankruptcy.
Rite Aid, which has denied wrongdoing, said it hopes to reach an "equitable" settlement of opioid litigation in bankruptcy.
A woman shops inside a Rite Aid store underneath a DeepCam security camera in New York City, New York, U.S., June 25, 2020.
Rite Aid closed 200 stores before its bankruptcy, and it expects to close more as its Chapter 11 case proceeds.
Persons:
Lucas Jackson, McKesson, Jeffrey Stein, Elizabeth Burr, Leroy Leo, Abinaya Vijayaraghavan, Mariam Sunny, Arun Koyyur, Marguerita Choy, Bill Berkrot
Organizations:
Rite Aid, Rite, Endo International, REUTERS, Bankruptcy, District of, MedImpact Healthcare Systems, Elixir ., Rite Aid . Rite, Aid, Thomson
Locations:
U.S, New York City , New York, District of New Jersey, Bengaluru