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Rite Aid Corporation is reportedly in the process of filing for Chapter 11 bankruptcy as it is facing rising costs for its alleged role in the opioid crisis in the United States. For this, it is now involved in a number of lawsuits related to the drug issue.
The American drugstore chain headquartered in Philadelphia, Pennsylvania, will resort to bankruptcy filing to protect itself and address the illegal prescription cases that were filed against it. Yahoo Finance reported that a source who has knowledge of the matter confirmed that the filing for Chapter 11 is underway.
The source told the publication that Rite Aid may also include the closure of its stores in the plan to cope with its problems. More than 400 locations are at risk of being shut down once the company starts the implementation of its coping strategies.
But then again, when Rite Aid was asked about the bankruptcy plans, it allegedly said that they “do not comment on rumors and speculation.” Thus, there is no direct confirmation yet from the company if it is indeed taking this route to address the increasing costs caused by the opioid lawsuits.
Rather, Rite Aid told Yahoo Finance, "We have closed 239 stores since 2021, and like all retail businesses, we regularly review each of our locations to ensure we are meeting the needs of our customers, communities, and the overall business."
While Rite Aid also gave the same response to Fox Business when asked if it is filing for bankruptcy, saying it does not comment on such rumors, the drugstore chain reportedly hired Kirkland & Ellis LLP to handle its restructuring.
Meanwhile, in its annual result that was reported in May, Rite Aid already hinted about its struggles due to the lawsuits. The company said at that time, "Although we believe we have adequate sources of liquidity to meet our anticipated requirements for working capital, debt service, and capital expenditures through at least the next twelve months, the costs associated with these legal proceedings are impossible to estimate with certainty, could exceed any applicable insurance coverage, and could significantly impact such liquidity."
Photo by: Chance Pereira/Flickr (CC BY-SA 2.0)
