Drug Retailer Rite Aid Files for Bankruptcy Protection
11:54 JST, October 16, 2023
Oct 15 (Reuters) – Rite Aid Corp RAD.N filed for Chapter 11 bankruptcy on Sunday, as it comes under pressure from lawsuits alleging that the drugstore chain helped fuel the opioid crisis in the United States.
Rite Aid listed estimated assets and liabilities in the range of $1 billion to $10 billion in a court filing with the U.S. Bankruptcy Court for the District of New Jersey.
Philadelphia, Pennsylvania-based Rite Aid operates more than 2,000 retail stores across 17 states in the U.S., although it is much smaller than its rivals such as Walgreens Boots Alliance WBA.O and CVS Health CVS.N.
Along with other pharmacy chains, it has been named a defendant in lawsuits that alleged they helped fuel the opioid crisis in the United States.
The U.S. Department of Justice in March sued Rite Aid, accusing the pharmacy chain of missing “red flags” as it illegally filled hundreds of thousands of prescriptions for controlled substances, including opioids.
More than 900,000 people have died of drug overdoses in the U.S. since 1999, with opioids playing an outsized role, according to data from the U.S. Centers for Disease Control and Prevention.
"BUSINESS" POPULAR ARTICLE
Exports of Nishikigoi Carp to China Halted; Permits for Japanese Aquaculture Facilities By China Have Expired
Japan April-Sept. Current Account Surplus Hits Record High
Food, Beverage Price Hikes Show Signs of Easing; Fuel Prices, Consumer Frugality Slowing Down Price Rises
Japan 2023 Food Exports Reach 1 Tril. Yen at Record Pace
69.7 Bil. Yen in COVID-19 Loans to Small Businesses Uncollectible
JN ACCESS RANKING
- Japan April-Sept. Current Account Surplus Hits Record High
- Japan 2023 Food Exports Reach 1 Tril. Yen at Record Pace
- 69.7 Bil. Yen in COVID-19 Loans to Small Businesses Uncollectible