Drugstore giant Rite Aid has filed for bankruptcy amid “slowing sales, mounting debt and lawsuits alleging it contributed to the nation’s opioid epidemic,” CNBC reports.
Rite Aid’s decline has persisted for months, and prior reports indicated the chain was preparing to file for chapter 11 bankruptcy.
The company’s revenue continued plummeting in its most recent quarter, and mounting losses forced it to reevaluate its business strategy.
BREAKING: Rite Aid filed for bankruptcy and is closing hundreds of stores pic.twitter.com/6HIAKQFK0H
— Insider Paper (@TheInsiderPaper) October 16, 2023
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