The company submitted a list of 154 stores in a court filing, and most of the chain’s stores are on the East and West Coasts.Pharmacy chain Rite Aid said Sunday it has filed for bankruptcy.Rite Aid said in a recent Securities and Exchange Commission filing it has more than 2,200 locations in 17 states.
That filing also noted the company lost about $1.3 billion in the first half of its fiscal year – more than double the $441 million it lost in the same period during the previous fiscal year.The company said earlier this week going through its voluntary Chapter 11 process will help significantly cut the company’s debt and resolve litigation "in an equitable manner."
The Philadelphia company has struggled financially for years and also faces financial risk from lawsuits over opioid prescriptions like its bigger rivals, CVS and Walgreens.
Source: Law Daily Report (lawdailyreport.net)
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