Rite Aid is planning to file for chapter 11 bankruptcy “within weeks” in order to address federal and state lawsuits the chain is facing over its role in the sale of opioids, The Wall Street Journal’s Alexander Gladstone, Andrew Scurria, and Jodi Xu Klein report. The filing would cover Rite Aid’s debt load of more than $3.3B and pending legal claims it oversupplied prescription painkillers, people familiar with the company’s plans say. Shares of Rite Aid are down over 20% to $1.20 in midday trading.
Claim 50% Off TipRanks Premium and Invest with Confidence
- Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on RAD: