Drug retailer Rite Aid files for bankruptcy protection

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Rite Aid listed estimated assets and liabilities in the range of $1 billion to $10 billion in a court filing with the U.S. Bankruptcy Court for the District ...

FILE PHOTO: A woman shops inside a Rite Aid store underneath a DeepCam security camera in New York City, New York - Rite Aid Corp filed for Chapter 11 bankruptcy on Sunday, as it comes under pressure from lawsuits alleging that the drugstore chain helped fuel the opioid crisis in the United States.

Philadelphia, Pennsylvania-based Rite Aid operates more than 2,000 retail stores across 17 states in the U.S., although it is much smaller than its rivals such as Walgreens Boots Alliance and CVS Health. The U.S. Department of Justice in March sued Rite Aid, accusing the pharmacy chain of missing "red flags" as it illegally filled hundreds of thousands of prescriptions for controlled substances, including opioids.

 

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