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☆ Rite Aid lost more than $1 billion in months before bankruptcy filing
▼ + stars: | 2023-10-18 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Rite Aid lost more than $1 billion in the months before it filed for bankruptcy, the failed drugstore chain revealed in a Wednesday regulatory filing, as it warned investors it may not be able to keep its business running. During the quarter, Rite Aid posted $5.65 billion in revenue and a net loss of $1.02 billion, compared with $5.9 billion in sales and a net loss of $331 million in the year-ago period. Rite Aid has about $4 billion in debt and pays about $200 million in interest annually, court records say. With about $93 million in cash as of Sept 2., those payments have left Rite Aid unable to execute its turnaround strategy. Rite Aid warned its store footprint will get even slimmer with plans to close underperforming stores as part of the bankruptcy.

Organizations: Rite Aid, Rite, CVS, Walgreens, Aid, CNBC Locations: New Jersey

☆ Rite Aid is closing nearly 100 stores as part of its bankruptcy. See the list
▼ + stars: | 2023-10-18 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +6 min

New York CNN —Rite Aid, which had filed for Chapter 11 bankruptcy protection, is now preparing to shed almost 100 stores nationwide as part of its restructuring efforts. Over the past six years, Rite Aid has tallied nearly $3 billion in losses. in Costa Mesa, California139 North Grand Ave. in Covina, California20572 Homestead Road in Cupertino, California24829 Del Pradoin Dana Point, California7859 Firestone Blvd. in Yorba Linda, California25906 Newport Road in Menifee, California1600 North Main St. in Meridian, Idaho5808 Ritchie Hwy. in Mill Creek, Washington601 South Grady Way in Renton, Washington2707 Rainier Ave. in South Seattle, Washington– CNN’s David Goldman contributed to this story

Persons: Del, Dana, Glen, Ephraim Ave, Arnold St, Nicholas Ave, Reed, Washington – CNN’s David Goldman Organizations: New, New York CNN — Rite, Real Estate Partners, Rite Aid, Amazon, Walmart, Target, Costco, Aid, Solutions, SEC Alabama, Valley, Firestone, Alvarado St, Fulton, Yorba, Bel Air, Pulaski, Garfield, Main St, Clinton St, Michigan, Whittemore St, Hamilton St, Sunrise, Elmwood, New Carlisle , Ohio Euclid, Gettysburg, Medford, 9th St, Liberty, Eisenhower, Stevenson, 5th St, Reed St, Oxford, 63rd, Brighton, East Central, St, Evergreen, Grady Locations: New York, California, Maryland, Michigan, New Jersey, Ohio, Oregon, Pennsylvania, Washington, Alabama, Idaho, Pike, Monroeville , Alabama, Alhambra , California, Bellevue, Atwater , California, Costa Mesa , California, Covina , California, Cupertino , California, Dana Point , California, Downey , California, Irvine , California, La Mirada , California, Laguna Niguel , California, South Centinela, Los Angeles , California, Alvarado, Monterey , California, St, Ramona , California, Fulton Ave, Sacramento , California, Santa Cruz , California, Yorba Linda , California, Menifee , California, Main St, Meridian , Idaho, Baltimore , Maryland, Bel Air , Maryland, Elkton , Maryland, Glen Burnie , Maryland, Gratiot, Clinton Township , Michigan, Detroit , Michigan, Farmington Hills , Michigan, Fremont , Michigan, Clinton, Grand Ledge , Michigan, Jackson , Michigan, Macomb , Michigan, U.S, Manistee , Michigan, Redford , Michigan, Shelby Township , Michigan, St . Johns , Michigan, Centerville, Sturgis , Michigan, Taylor , Michigan, Wixom , Michigan, Berlin , New Hampshire Grove St, Peterborough , New Hampshire, Browns Mills , New Jersey, Camden , New Jersey, Lumberton , New Jersey, Bridgeton Pike, Mantua , New Jersey, Mullica Hill , New Jersey, Edinburg, Robbinsville , New Jersey, Hamilton, Somerset , New Jersey, Williamstown , New Jersey, Bay Shore , New York, Buffalo , New York, Copiague , New York, East Northport , New York, Floral, , New York, Jamaica , New York, Elmwood Ave, Kenmore , New York, Hempstead, Levittown , New York, Patchogue, Yaphank, Medford , New York, New York , New York, Port Jefferson , New York, Sayville , New York, Smithtown , New York, West Patchogue , New York, New Carlisle , Ohio, Strathmore, East Cleveland , Ohio, Dayton , Ohio, Cleveland , Ohio, Medford , Oregon, Cully, Portland , Oregon, 9th, Chester , Pennsylvania, Coraopolis , Pennsylvania, Erie , Pennsylvania, Greensburg , Pennsylvania, Hanover , Pennsylvania, New Castle , Pennsylvania, New Kensington , Pennsylvania, Pennsburg , Pennsylvania, 5th, Philadelphia , Pennsylvania, Venango St, 63rd St, Pottsville , Pennsylvania, Rochester , Pennsylvania, East Central Ave, Titusville , Pennsylvania, White Haven , Pennsylvania, Bellevue , Washington, Bellingham , Washington, Blaine , Washington, Covington , Washington, Everett , Washington, Lynnwood , Washington, Mill Creek, Renton , Washington, Rainier, South Seattle

☆ Premarket stocks: What the Israel-Hamas war means for US markets
▼ + stars: | 2023-10-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Growing unrest in the Middle East has cast a shadow on global financial markets. Israeli stocks listed in New York and Tel Aviv have sunk to recent lows, underscoring the growing economic uncertainties in the war-torn region and leaving investors unsure of where markets go from here. Funds in the US hold more than $43 billion in Israeli stocks and bonds, according to a Bloomberg tracker. Big names, big exposure: As the war continues, businesses with headquarters, factories and inventory in Israel appear increasingly at risk to geopolitical turmoil. “If the war remains confined between Israel and Palestinians, it’s likely that the markets will forget about it after a few days,” he wrote.

Persons: ”, Steven Schoenfeld, Jamie Dimon, “, Benjamin Netanyahu, Raffi Boyadjian, Sam Stovall, Nathaniel Meyersohn, drugstores, David Silverman, Bill Ford, Vanessa Yurkevich, Ford, Jim Farley, Shawn Fain Organizations: CNN Business, Bell, New York CNN, Nasdaq, Funds, Bloomberg, Hamas, Bank of Israel, JPMorgan, Israel Innovative Technology, Mobileye, Tower Semiconductor, Teva Pharmaceutical, XM, CVS, Walgreens, Walmart, Fitch, Ford Motor Company, United Auto Workers, Big Three, UAW, Monday, Ford Locations: New York, Tel Aviv, New Jersey, Israel, United States, Canada, China, Ukraine, Kippur, Kuwait, Kansas City, drugstores, Rouge, Dearborn , Michigan

“They tend to close in these neighborhoods regardless of whether or not there is another pharmacy nearby,” Qato said. Closings can create so-called “pharmacy deserts,” or neighborhoods without easy access to a drugstore. “It’ll kind of worsen the problem of pharmacy deserts and disparities in pharmacy access,” Qato said. She noted that patients who lose drugstore access are less likely to stay on their regular prescriptions, and that can affect their health. Jonas said drugstores do want to help with pharmacy access, but the economics still need to work for these companies.

Persons: Dima Qato, ” Qato, Jeff Jonas, Jonas, drugstores, ”, Ted Shaffrey Organizations: East, Street, University of Southern, Gabelli Funds, Rite Aid, Associated Press, Associated Press Health, Science Department, Howard Hughes Medical Institute’s Science, Educational Media Group, AP Locations: West, University of Southern California, Philadelphia, Virginia

☆ Bankrupt Rite Aid resolves drug supply dispute with McKesson
▼ + stars: | 2023-10-17 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

A woman shops inside a Rite Aid store underneath a DeepCam security camera in New York City, New York, U.S., June 25, 2020. The lawsuit against McKesson alleged that the distributor improperly attempted to terminate the drug supply agreement on Saturday, just before Rite Aid declared bankruptcy. Rite Aid had accused McKesson of threatening to cut off its drug supply unless it immediately paid $700 million for amounts due under the contract. Rite Aid has relied on McKesson for its drugs for 20 years, and paid McKesson $9 billion under the contract in 2023, according to court filings. Rite Aid said it maintains very low drug inventory, forcing it to rely on daily deliveries from McKesson.

Persons: Lucas Jackson, McKesson, Joshua Sussberg, Sussberg, Michael Kaplan, Dietrich Knauth, Alexia Garamfalvi, Bill Berkrot Organizations: REUTERS, McKesson Corp, . Rite, Rite Aid, Aid, Rite, Thomson Locations: New York City , New York, U.S, New Jersey, Trenton

☆ Rite Aid is planning to close about 150 locations. See if your local store is on the list.
▼ + stars: | 2023-10-17 | by ( Alex Bitter | ) www.businessinsider.com time to read: +9 min

Rite Aid filed plans to close 154 stores on Monday as part of its Chapter 11 bankruptcy. Rite Aid is the smallest of the three major drugstore chains, well behind CVS and Walgreens. Rite Aid was expected to close stores as part of its bankruptcy. Rite Aid told Insider that it considers a variety of factors when deciding to close a store, "including business strategy, lease and rent considerations, local business conditions and viability, and store performance." "We will also strive to transfer associates to other Rite Aid locations where possible," the company said.

Persons: —, Glen, Taylor, Daniel Webster, Merrick, William Penn, Redmond, Lacey Organizations: CVS, Walgreens, Service, Pennsylvania . Rite Aid, Wall Street Journal, Rite Aid, Rite, Crenshaw, Hollywood Way, San, Niguel, Yorba, Santa, Thompson Boulevard, Ventura, Atwater, Overland, Meridian, Main, Bel, Bel Air South, Park, Main Street, Lafayette, Garfield, Garden, Ford, Flint, Farmington, Whittemore Street, New Jersey :, Marshall, Bridgeton Pike, Whiting, Pike, Huntington, Jericho Turnpike, Jeff, North Street, Cesar, Chavez, Pennsylvania, Stevenson, Bethel, Union, Allentown, Fourth Street, Fifth, Washington Lane, Street, Central Avenue, Grady, Everett Locations: California, New York, Pennsylvania, Los Angeles, Rock, Centinela, Downey, Beach, Burbank, Hollywood Way Covina, Puente, Alhambra, Oceanside, San Diego, Yorba Linda, Santa Ana, Thompson, Thompson Boulevard Oxnard, Cupertino, Santa Clara, Cruz, Bellevue, Sacramento, Boulevard Ontario, Irvine, Monterey, Alvarado Street Connecticut, Bethel, Greenwood, Delaware, Newark, Hill, Wilmington, Idaho, Boise, Maryland, Elkton, Pulaski, Baltimore, Glen Burnie, Baltimore Annapolis Boulevard Massachusetts, Webster, Main Street Michigan, Fremont, Greenville, Clinton, Macomb, Sturgis, Centerville, Clinton Township, Gratiot, Shelby Township, Dyke, Jackson, Michigan, Manistee, Garden City, North, Detroit, Farmington Hills, St, Johns, Whittemore Street Lansing, Hampshire, Merrimack, New Jersey, New Jersey : West Milford, Mantua, Bridgeton, Irvington, Somerset, Williamstown, Pike New York, Brooklyn, Shore, Merrick, East Northport, Jericho, Jericho Turnpike Medford, Patchogue, West Patchogue, Kenmore, Rochester, Flushing, Levittown, Ohio, Massillon, East New Carlisle, Dayton, Youngstown, Springfield, North Street Bellefontaine, Oregon, Portland, Kensington, Brighton, Bethel Park, Pittsburgh, Greensburg, Bethlehem, Fourth Street Philadelphia, Venango, Washington, Conshohocken, Hanover, Mechanicsburg, Erie, Abington, York, Johnstown, Ardmore, Lancaster, Pittston, Wyoming, Yardley, Chester, Street Titusville, Central Avenue Virginia, Chesapeake, Pleasant, Seattle, Graham, Renton

☆ Drug retailer Rite Aid files for bankruptcy amid rising debt, opioid litigation
▼ + stars: | 2023-10-16 | by ( Abinaya V | ) www.reuters.com time to read: +2 min

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, which began as a thrift shop in 1962, became the third largest U.S. chain of drugstores in less than two decades with more than 2,000 retail stores in 17 states. Rite Aid had a total debt of $8.60 billion as of June 3, according to a filing with the U.S. Bankruptcy Court for the District of New Jersey, some of which is due in 2025. It said it will transfer employees at underperforming stores that would be closed to other locations where possible. Rite Aid joins several companies, including Mallinckrodt, that have filed for bankruptcy due to lawsuits over the U.S. opioid crisis.

Persons: Lucas Jackson, Jeffrey Stein, Elizabeth Burr, Leroy Leo, Abinaya Vijayaraghavan, Mariam Sunny, Simon Cameron, Moore, Arun Koyyur Organizations: REUTERS, Rite, U.S, Bankruptcy, District of, Aid, Thomson Locations: New York City , New York, U.S, United States, District of New Jersey, Bengaluru

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

☆ Stocks making the biggest moves premarket: Pfizer, Lululemon, Manchester United, Rite Aid and more
▼ + stars: | 2023-10-16 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Pfizer , Moderna , BioNTech — Shares of Pfizer dropped 1.3% after the company slashed its full-year revenue guidance by $9 billion, noting waning demand for its Covid treatment and vaccine. Following the guidance cut, Jefferies upgraded Pfizer on Monday, citing an attractive buying opportunity. Vaccine markers Moderna and BioNTech also dropped premarket, losing 4.1% and 5%, respectively. Colgate-Palmolive — The consumer products stock gained more than 1% in premarket trading after Stifel upgraded Colgate-Palmolive to buy from hold. The firm cited the stock's attractive valuation and the rapid and profitable growth of TAL's non-academic tutoring business as catalysts.

Persons: Jefferies, BioNTech, premarket, Morgan Stanley, Jim Ratcliffe, Jeffrey Stein, Dow, Charles Schwab, CNBC's Hakyung Kim, Jesse Pound, Tanaya Macheel, Michelle Fox Theobald, Lisa Han Organizations: Pfizer, Moderna, BioNTech, Colgate, Palmolive, Manchester United, Wall Street, . Rite, Dow Jones, Activision, Microsoft, TAL Education Group, UBS Locations: New Jersey

☆ Drug retailer Rite Aid files for bankruptcy, gets $3.45 bln commitment
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +2 min

A woman shops inside a Rite Aid store underneath a DeepCam security camera in New York City, New York, U.S., June 25, 2020. The bankruptcy process will allow Rite Aid to resolve litigation claims in an "equitable manner", the company said. Rite Aid has appointed Jeffrey Stein as its new CEO and chief restructuring officer, replacing interim CEO Elizabeth Burr. Rite Aid has also reached an in-principle agreement with some of its senior secured noteholders that would significantly reduce its debt. MedImpact will serve as the 'stalking horse bidder' in a court-supervised sale process, Rite Aid said.

Persons: Lucas Jackson, Jeffrey Stein, Elizabeth Burr, Stein, Burr, noteholders, Abinaya Vijayaraghavan, Mariam Sunny, Sriparna Roy, Shweta Agarwal, Pooja Desai Organizations: REUTERS, Rite Aid Corp, U.S, Aid, Walgreens Boots Alliance, CVS Health, MedImpact Healthcare Systems, Solutions, Rite Aid, Bankruptcy, District of, Thomson Locations: New York City , New York, U.S, District of New Jersey, Bengaluru

☆ Social Security gains came back to earth. What that means for the economy
▼ + stars: | 2023-10-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

That’s why it’s a big deal when Social Security recipients receive their annual cost-of-living adjustment. Starting in January they’ll see a 3.2% increase in their Social Security checks, that’s a much smaller increase than the inflation-fueled boosts of the past two years, the Social Security Administration announced last week. David Certner: The Social Security Cost-of-Living Adjustment (COLA) is based on the Consumer Price Index for urban wage earners. The amount of GDP that’s generated by Social Security checks is actually larger than the total amount of Social Security money going out in the first place. Before the Bell: Could an increase in Social Security possibly add to inflation since that money is bolstering the economy?

Persons: they’ll, Bell, David Certner, There’s, we’ve, David Goldman, —, ”, Neil Saunders, GlobalData, ” Taylor, Taylor, “ Taylor Swift, ” Elizabeth Frank Organizations: New, New York CNN — Social Security, Social, Security, Social Security Administration, AARP, Consumer, Bell, Social Security, Medicare, CVS, Walgreens, Walmart, Target, Costco, US Securities and Exchange Commission, ”, Aid, Rite Aid, AMC Locations: New York, United States, Canada, United Kingdom, Mexico, Australia, Germany, Philippines, Brazil, South Korea, Malaysia, Singapore, Taiwan, Hong Kong

PHILADELPHIA (AP) — 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. In 2022, Rite Aid settled for up to $30 million to resolve lawsuits alleging pharmacies contributed to an oversupply of prescription opioids. 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. Earlier this month, Rite Aid notified the New York Stock Exchange that it was not in compliance with listing standards.

Persons: Jeffrey Stein, Elizabeth Burr Organizations: PHILADELPHIA, —, Rite Aid, Aid, Justice Department, The, New York Stock Exchange, U.S . Securities, Exchange Locations: — Major, New Jersey

A Rite Aid store stands in Brooklyn on August 28, 2023 in New York City. Rite Aid filed for Chapter 11 bankruptcy protection in New Jersey on Sunday and said it would begin restructuring to significantly reduce its debt. Rite Aid also said lenders agreed to provide $3.45 billion in new funding to "provide sufficient liquidity" as it embarks on its restructuring plan. During its most recent quarter ended June 3, revenue fell to $5.6 billion, down from $6.01 billion in the year-ago period. Rite Aid Chairman Bruce Bodaken said in a statement, "Jeff is a proven leader with a strong track record of guiding companies through financial restructurings.

Persons: hasn't, Jeffrey Stein, Elizabeth Burr, Bruce Bodaken, Jeff, Stein Organizations: New York City . Rite Aid, Aid, Rite Locations: Brooklyn, New York City, New Jersey

☆ Rite Aid just filed for bankruptcy and could be closing more of its 2,100 stores
▼ + stars: | 2023-10-16 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +2 min

Rite Aid filed for bankruptcy in New Jersey on Sunday. AdvertisementAdvertisementRite Aid filed for voluntary Chapter 11 bankruptcy in New Jersey on Sunday — a move that could see the drugstore chain close more of its 2,100 stores. Rite Aid has received a commitment for $3.45 billion in new financing from some of its lenders. AdvertisementAdvertisementIn March, the US Justice Department sued Rite Aid, accusing the company of missing "red flags" when pharmacists filled opioid prescriptions. A company spokesperson told the Wall Street Journal: "We expect to negotiate a resolution of the opioid-related lawsuits with the various parties involved."

Persons: —, Jeffrey S, Stein, Elizabeth Burr Organizations: Service, Aid, US Justice Department, Rite Aid, Wall Street Locations: New Jersey

☆ Rite Aid joins companies going bankrupt amid opioid litigation
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +1 min

A woman shops inside of a Rite Aid store underneath a DeepCam security camera in New York City, New York, U.S., June 25, 2020. REUTERS/Lucas Jackson/File Photo Acquire Licensing RightsCompanies Rite Aid Corp FollowOct 16 (Reuters) - Drugstore chain Rite Aid (RAD.N) is the latest U.S. company to seek bankruptcy protection following pressure from lawsuits alleging that they helped fuel the opioid crisis. Litigation against drugmakers, pharmacies and distributors, claiming that drugmakers downplayed the risks of opioids and that distributors and pharmacies failed to prevent them from being diverted to the illegal market has resulted in more than $50 billion in total settlements. Here is a list of companies forced to file for bankruptcy protection, mainly due to U.S. opioid lawsuits and settlements. Reporting by Pratik Jain and Leroy Leo in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Lucas Jackson, drugmakers, Pratik Jain, Leroy Leo, Arun Koyyur Organizations: Rite, REUTERS, Companies Rite Aid, U.S . Centers for Disease Control, Prevention, drugmakers, Thomson Locations: New York City , New York, U.S, Bengaluru

☆ The rise and fall of pharma bigwig Rite Aid, which couldn't keep up with rivals Walgreen and CVS
▼ + stars: | 2023-10-16 | by ( Nidhi Pandurangi | Grace Dean | ) www.businessinsider.com time to read: +5 min

Rite Aid filed for voluntary Chapter 11 bankruptcy on Sunday following slumping sales and a series of lawsuits. Rite Aid, which has over 47,000 employees, has struggled in recent years to compete against larger peers like CVS and Walgreens Boots Alliance, as well as Amazon. Rite Aid has faced growing competition from direct-to-consumer pharmacy startups as well as medication deliveries from the likes of Amazon and Uber. Rite Aid also experienced supply chain challenges after changing supplier for many of its perishable consumer goods and shrink "continued to be a significant headwind," Burr said. Representatives for Rite Aid did not immediately respond for Insider's request for further comment beyond sending statements about Stein's appointment and its Chapter 11 bankruptcy filing.

Persons: it's, —, Jeffrey S, Stein, Elizabeth Burr, Heyward Donigan, Donigan, Burr, there'd Organizations: Service, Rite, Walgreens Boots Alliance, Rite Aid, pharma, Aid, Discount, Rite Aid Corporation, PayLess, Walgreens, Albertsons, New York Times Locations: New Jersey, Scranton , Pennsylvania

☆ Why so many drug stores are closing
▼ + stars: | 2023-10-16 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

Now, they are closing thousands of stores, leaving gaps in communities for medicines and essentials. It comes amid walkouts by Walgreens pharmacists and technicians around the country and at CVS stores in Kansas City over low pay and understaffed stores. Drug store strugglesRite Aid’s bankruptcy reflects long-term struggles in the retail pharmacy industry. Walgreens and other drug stores have closed thousands of stores in recent years. But this strategy requires fewer brick-and-mortar retail stores.

Persons: Angus Mordant, Justin Sullivan, drugstores, ”, David Silverman, ” Silverman, Drugstores Organizations: New, New York CNN, Rite Aid, Bloomberg, Getty Images Rite, Walgreens, CVS, Walmart, Fitch, Aetna, Pharmacy, McKinsey . Rite, American Medical Association Locations: New York, Kansas City, drugstores

☆ Rite Aid Files for Bankruptcy, Undone by Years of Losses
▼ + stars: | 2023-10-15 | by ( Sarah Nassauer | Alexander Gladstone | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Rite Aid files for bankruptcy
▼ + stars: | 2023-10-15 | by ( David Goldman | ) edition.cnn.com time to read: +5 min

“It was always a matter of when, not if, Rite Aid would file for bankruptcy,” said Neil Saunders, managing director of GlobalData, in a note to investors. As part of the bankruptcy plan, Rite Aid appointed a new CEO, Jeff Stein, who will also serve as the head of restructuring and a board member. The government accused Rite Aid of missing “obvious red flags” when it filled the prescriptions for addictive pain killers. Rite Aid is a distant third-largest nationwide standalone pharmacy chain in the United States — and the seventh largest pharmacy overall, when taking into account big box chains. Ultimately, in 2017, the companies agreed to a smaller, $4.4 billion deal, in which Walgreens bought just under 2,000 Rite Aid locations, leaving Rite Aid diminished in stature and unable to compete at the scale of its bigger rivals.

Persons: —, ”, Neil Saunders, GlobalData, Jeff Stein, Stein, “, Aid’s, General Merrick Garland, — CNN’s Nathaniel Meyersohn, Juliana Liu Organizations: New, New York CNN — Rite, CVS, Walgreens, Walmart, Target, Costco, US Securities and Exchange Commission, ”, Aid, Rite Aid, Solutions, “, Justice, US Justice Department, US Centers for Disease Control, ., United States — Locations: New York, United States

☆ US pharmacy chain Walgreens names Tim Wentworth as CEO
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

Pigeons are seen resting on signage for Walgreens, owned by the Walgreens Boots Alliance, Inc., in Manhattan, New York City, U.S., November 26, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsOct 10 (Reuters) - U.S. pharmacy chain operator Walgreens Boots Alliance (WBA.O) on Tuesday said it has appointed Tim Wentworth as its new chief executive and he will assume the role on Oct. 23. Last month, Rosalind Brewer had abruptly stepped down as CEO of the company after less than three years at the top job. Wentworth, who was CEO of Cigna's (CI.N) Evernorth unit till he retired in 2021, will also join the WBA Board of Directors. Walgreens has been looking to expand beyond its core business, with acquisitions of healthcare services operator VillageMD and urgent-care provider Summit Health.

Persons: Andrew Kelly, Tim Wentworth, Rosalind Brewer, Wentworth, Urvi, Rashmi Organizations: Walgreens, Walgreens Boots Alliance, Inc, REUTERS, WBA, Rite Aid, CVS Health, Summit Health, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

☆ Residents alarmed as shoplifting incidents trigger store departures: ‘As a community we can’t allow this to continue’
▼ + stars: | 2023-09-30 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +10 min

“Having Target here helped revitalize East Harlem with hundreds of new jobs, customers and more services to our area. Courtesy Lou MartinsThe retail industry said it is grappling with a particular type of store theft that is more dangerous than petty shoplifting, called “organized retail crime” or ORC. The East River Plaza shopping center in New York City's East Harlem neighborhood. “The East Harlem store could have been doing very high volume in sales but still losing money because of theft,” Cohen said. The Target store in NYC's East Harlem is set to close in October.

Persons: Lou Martins, “ I’ve, ”, Martins, Maria Gonzalez Arrieta, “ We’ve, ” Lou Martins, Alex Abreu, Abreu, “, ” Abreu, it’s, We’ve, Tom Wickman, ” Wickman, “ Abuelitas, ” Xavier Santiago, Santiago Xavier, Santiago, I’ve, Mark Cohen, ” Cohen, Venkatesh Shankar, ” Shankar, Fatih Aktas, Ted Wheeler, ” – CNN’s Matt Egan Organizations: New, New York CNN, Costco, 118th, Target, eBay, Facebook, ”, East Harlem, Blumfeld, The New York Times, New York Police, Walgreens, Business, US Chamber of Commerce, “, Commerce, Community Board, East, Community, Columbia, Texas, Mays Business School, Anadolu Agency, Blumenfeld, CNN, Portland Police Bureau Locations: New York, Manhattan —, New York City, San Francisco, Seattle, Target, Plaza, Harlem, Aldi, Burlington, Pleasant Avenue, East Harlem, NYC's East Harlem, River, Portland

☆ Rite Aid Plans to Shut Down Hundreds of Stores in Bankruptcy
▼ + stars: | 2023-09-23 | by ( Alexander Gladstone | Andrew Scurria | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/rite-aid-planning-to-shut-down-hundreds-of-stores-in-bankruptcy-de7967db

Persons: Dow Jones, de7967db

☆ Rite Aid plans to shut down hundreds of stores in bankruptcy - WSJ
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +1 min

A woman shops inside of a Rite Aid store underneath a DeepCam security camera in New York City, New York, U.S., June 25, 2020. Picture taken June 25, 2020. The company has proposed to close roughly 400 to 500 stores in bankruptcy, and either sell or let creditors take over its remaining operations, according to the report. Given the conversations remain ongoing, no decisions have been made at this time, Rite Aid said. Reporting by Pritam Biswas in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Lucas Jackson, Pritam Biswas, Shounak Dasgupta Organizations: Rite, REUTERS, Wall Street, Rite Aid, Walgreens Boots Alliance, CVS Health, Thomson Locations: New York City , New York, U.S, Bengaluru

☆ US pharmacy chains gear up to administer updated COVID shots
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Kamil Krzaczynski/File Photo Acquire Licensing RightsSept 13 (Reuters) - Drugstore chains CVS Health (CVS.N) and Walgreens Boots Alliance (WBA.O) said on Wednesday that updated COVID-19 vaccines would be available at their stores as soon as this week. The U.S. Centers for Disease Control and Prevention (CDC) director on Tuesday signed off on broad use of updated COVID-19 vaccines, arming a push to align the next round of shots more closely with the circulating variant of the virus, much like annual flu shots are designed. The U.S. Food and Drug Administration has approved an updated vaccine made by Pfizer (PFE.N) and its German partner BioNTech (22UAy.DE) as well as one by Moderna (MRNA.O) for people ages 12 and above. The agency has also authorized the shots for emergency use in children ages 6 months through 11 years. Walgreens said it would start taking appointments for the updated vaccines from Monday, but could begin earlier appointments as stores receive vaccines this week.

Persons: Luis S, Solano, Victor Walchirk, Kamil Krzaczynski, BioNTech, Christy Santhosh, Devika Organizations: Pfizer, Victor, REUTERS, Walgreens Boots Alliance, U.S . Centers for Disease Control, Prevention, U.S . Food, Drug Administration, Moderna, Walgreens, Rite, CVS, Retail, Walmart, Thomson Locations: Evanston , Illinois, U.S, Bengaluru

☆ Kroger Agrees to Pay $1.2 Billion to Settle Opioid Claims
▼ + stars: | 2023-09-08 | by ( Rebecca Robbins | More About Rebecca Robbins | ) www.nytimes.com time to read: +2 min

Background: Pharmacy chains have been settling opioid claims. Three large pharmacy chains that compete with Kroger — Walgreens, CVS Health and Walmart — reached similar settlements last year totaling about $13 billion. The claims against Kroger and its competitors have focused on the role of their pharmacies in flooding communities with legal painkillers. Why It Matters: Opioid settlement money is funding recovery efforts. Kroger said on Friday that the opioid settlement agreement would not impede the merger.

Persons: Kroger, Walmart —, overprescribing, Josh Stein, ”, Harris, Jan Hoffman Organizations: Kroger, Walgreens, CVS Health, Walmart, Rite, Albertsons Locations: Washington State, West Virginia, North Carolina

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