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NEW YORK (Reuters) -A U.S. bankruptcy judge on Friday approved Rite Aid's restructuring plan, allowing the pharmacy chain to cut its debt by $2 billion and turn over control to a group of lenders.
Rite Aid has filed for bankruptcy protection and plans to sell part of its business as it attempts to restructure while dealing with losses and opioid-related lawsuits. The company said Rite Aid ...
Rite Aid is looking to close over two dozen more stores in two states. The drugstore chain on Monday filed a "notice of additional closing stores" with the U.S. Bankruptcy Court of the District of ...
Rite Aid has already seen its share of stores close in recent years, with more locations expected to close in the coming months.
Rite Aid, which had filed for Chapter 11 bankruptcy protection, is now preparing to shed more than 100 stores nationwide as part of its restructuring efforts.
The company said Rite Aid stores will continue to fill prescriptions, and customers will still be able to visit its locations or shop online while it goes through its voluntary Chapter 11 process.
Rite Aid filed for Chapter 11 bankruptcy on Sunday in an effort to write down debt amid shrinking sales and a lawsuit related to the opioid crisis.
Rite Aid has $4 billion in debt, $8.6 billion in total liabilities and $7.65 billion in assets, according to court filings in the U.S. Bankruptcy Court for the District of New Jersey.