Rite Aid files for bankruptcy amid opioid-related lawsuits and falling sales

[justaprogressive]

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 2022, Rite Aid settled for up to $30 million to resolve lawsuits alleging pharmacies contributed to an oversupply of prescription opioids. It said it had reached an agreement with its creditors on a financial restructuring plan to cut its debt and position itself for future growth and that the bankruptcy filing was part of that process.

The plan will “significantly reduce the company’s debt” while helping to “resolve litigation claims in an equitable manner,” Rite Aid said.

Rite Aid has found itself in a weak financial position, notching roughly $2.9 billion in losses over the past six years and $3.3 billion in long-term debt, GlobalData retail analyst Neil Saunders said Sunday.

https://dnyuz.com/2023/10/16/rite-aid-files-for-bankruptcy-amid-opioid-related-lawsuits-and-falling-sales/

[Aristus]

1. It still just astonishes the hell out of me that they

put business people in charge of businesses. Corporate administrations are the greatest collections of incompetents, idiots, and morons ever gathered together in one place, with the possible exception of when Donald Trump dined alone.

[Permanut]

3. Nicely done..

I like your riff on the Kennedy quote - better than the original.

[Aristus]

5. Thank you, sir.

[captain queeg]

2. Seems like pharmacies in general are suffering

Some of the chains around here are cutting hours, even days. And they seem chronically understaffed. Also seems like the pharmaceuticals are still making plenty of money.

[FakeNoose]

4. Funny how the Sackler family made out like bandits

... but the rest of the country suffered and continues to suffer.

[Permanut]

6. Incredible - the oxycontin grift..

Just watched "Painkiller" on Netflix; well worth the time.