Rite Aid's Bankruptcy Filing Amid Opioid Crisis and Debt

Rite Aid, the debt-laden drugstore chain, has filed for bankruptcy protection and plans to close underperforming stores as it faces lawsuits alleging its role in the U.S. opioid crisis. The filing will allow the company to address litigation claims and it has secured a commitment of $3.45 billion from lenders for liquidity during the bankruptcy process. Rite Aid, which has over 2,000 retail stores in 17 states, had a total debt of $8.60 billion and listed total assets of $7.65 billion. The company has appointed a new CEO and chief restructuring officer and will transfer employees from closed stores to other locations where possible.