Pharmacy chain Rite Aid files for bankruptcy after lawsuit

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Pharmacy chain Rite Aid files for bankruptcy after lawsuit

The well-known American pharmaceutical firm Rite Aid has declared bankruptcy and obtained $3.45 billion for reorganization. This action is being taken despite dwindling sales and litigation pertaining to opioids. The plan’s objectives are to reduce debt and clear the path for further expansion. Rite Aid paid up to $30 million to resolve disputes pertaining to opioids in 2022.

The business was charged by the Justice Department with intentionally filling illegal prescriptions. Elizabeth Burr steps down as CEO to make way for Jeffrey Stein. Daily operations and reporting are unchanged, even though a few failing outlets will close. Revenue dropped to $5.7 billion in the quarter that ended on June 3rd, with a $306.7 million net loss.

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