CQRM BULLETIN - RITE AID BANKRUPTCY
NATIONAL CHAIN PLANS TO CLOSE HUNDREDS OF STORES
Rite Aid reportedly has a debt of more than $3.3 billion and more than 1,000 federal cases involving opioid lawsuits. Many of the company's stores are bound by long-term leases and declaring bankruptcy is considered to be one solution to the organizations current financial problems.
According to insiders, Rite Aid intends to sell its Elixir pharmacy business as well as other important components of the company through an auction.
The pharmacy chain is said to be in discussions with creditors over the conditions of a bankruptcy plan in which hundreds of its outlets will close. According to a person with knowledge of the talks, the company has proposed liquidating 400–500 of its more than 2,100 pharmacies and selling or allowing creditors to take over the remaining businesses.
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