Rite Aid Discloses Over $1 Billion Loss Prior to Bankruptcy Filing
October 19, 2023
Struggling drugstore chain Rite Aid reported a staggering loss of over $1 billion in the months leading up to its recent bankruptcy filing, according to a regulatory filing. The disclosure comes as Rite Aid warns investors of its potential inability to sustain operations. The company’s challenges include fierce competition from larger rivals like CVS and Walgreens, coupled with litigation linked to the opioid crisis, leading to a bankruptcy filing and plans to close underperforming stores.
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