Rite Aid's Bankruptcy Filing Amidst Opioid Crisis and Financial Struggles

US pharmacy chain Rite Aid has filed for bankruptcy due to a debt load of over $3 billion and claims related to its involvement in the opioid epidemic. The company has secured $3.45 billion from lenders to support its operations during the bankruptcy process and has appointed Jeffrey Stein as CEO. Rite Aid is working on a turnaround plan that includes reducing its debt load and closing stores to cut down on rent costs. It is also looking to sell its Elixir Solutions unit. Other pharmacy chains, such as CVS Health and Walgreens Boots Alliance, have already settled with states for their role in the opioid crisis.