Rite Aid files for bankruptcy, appoints new leadership in financial restructuring initiative

Rite Aid Corp. filed for Chapter 11 bankruptcy on Sunday in a financial restructuring effort that included the naming of new leadership as the drug retailer faces lawsuits on accusations of contributing to the opioid crisis.

The company said in a news release it initiated a voluntary court-supervised bankruptcy process after setting goals to reduce debt, increase financial flexibility and "execute on key initiatives" – including the potential sale of Elixir Solutions, an acceleration in determining the best path forward for some of its stores and the resolveof legal disputes in "an equitable manner." ---More...