Rite Aid files for bankruptcy amid slowing sales

Rite Aid, based in New Jersey, has filed for Chapter 11 bankruptcy protection and unveiled its plans for a comprehensive debt reduction through restructuring.

The company has reached an agreement with its creditors on a restructuring strategy, which involves a careful evaluation of its retail locations, with an emphasis on closing underperforming stores.

To support this restructuring initiative, Rite Aid has secured the commitment of lenders to provide $3.45 billion in new funding, ensuring the necessary liquidity.

Rite Aid, facing challenges such as declining sales, significant debt, and numerous lawsuits linking the company to the opioid epidemic, has taken this step to address its financial difficulties, CNBC reported.

READ MORE: https://www.cnbc.com/2023/10/16/rite-aid-files-for-bankruptcy-amid-slowing-sales-opioid-litigation.html

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