Rite Aid Bankruptcy Plan, News Today (News21USA): Rite Aid is currently in discussions with its creditors regarding the terms of a bankruptcy plan, which could involve the liquidation of a significant portion of its extensive network of over 2,100 drugstores. According to sources familiar with the matter, the company has put forth a proposal to shutter approximately 400 to 500 stores as part of its bankruptcy strategy. Additionally, Rite Aid may consider selling its remaining operations or transferring control to its creditors.
It’s important to note that these discussions are ongoing, and as of now, no final decisions have been reached, as stated by Rite Aid.
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This move comes as the Philadelphia-based company grapples with a substantial debt load exceeding $3.3 billion and faces numerous federal lawsuits, numbering over a thousand, related to allegations of oversupplying opioids, as reported by the Wall Street Journal. While Rite Aid operates a significant network of more than 2,330 stores across 17 states, it remains smaller in scale compared to its competitors like Walgreens Boots Alliance and CVS Health.