Rite Aid's Bankruptcy Forces Closure of Hundreds of Stores

Rite Aid is reportedly in negotiations for a bankruptcy plan that could result in the closure of up to 500 of its more than 2,100 drugstores. The company is facing over $3.3 billion in debt and numerous federal lawsuits related to its alleged role in the opioid epidemic. Rite Aid's bankruptcy filing would provide a way to address its debt and legal issues, including temporarily halting ongoing lawsuits. The pharmacy giant is also considering selling its Elxir pharmacy unit and other valuable assets through an auction.