Major U.S. pharmacy chain Rite Aid says it has obtained $3.45 billion in fresh financing as it carries out a restructuring plan.
A Rite Aid store in Pittsburgh on Jan. 23, 2023. The chain has filed for bankruptcy amid falling sales and dealing with opioid-related lawsuits.PHILADELPHIA — Major U.S. pharmacy chain Rite Aid said Sunday that it has filed for bankruptcy and obtained $3.45 billion in fresh financing as it carries out a restructuring plan while coping with falling sales and opioid-related lawsuits.
In March, the Justice Department filed a complaint against Rite Aid, alleging it knowingly filled hundreds of thousands of unlawful prescriptions for controlled substances from May 2014-June 2019. It also accused pharmacists and the company of ignoring “red flags” indicating the prescriptions were illegal.
Jeffrey Stein, who heads a financial advisory firm, was appointed Rite Aid’s CEO as of Sunday, replacing Elizabeth Burr, who was interim CEO and remains on Rite Aid’s board.Earlier this month, Rite Aid notified the New York Stock Exchange that it was not in compliance with listing standards. During a grace period, the company’s stock continues to be listed and traded.
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