Rite Aid files for bankruptcy amid slowing sales, opioid litigation

Drugstore chain Rite Aid filed for bankruptcy as it faces a mounting debt pile, slowing sales and lawsuits alleging it oversupplied painkillers.

The company has been grappling with slowing sales, mounting debt and lawsuits alleging it contributed to the nation's opioid epidemic.

The beleaguered drugstore chain has been grappling with slowing sales, mounting debt and a slew of lawsuits that allege the company helped fuel the nation's opioid epidemic by oversupplying painkillers. As a result of the rough quarter, Rite Aid lowered its fiscal 2024 outlook and warned investors it expects to lose between $650 million and $680 million for the full year, which is slated to end in late February.

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