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.
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