Drug store chain Rite Aid is negotiating with creditors over a bankruptcy plan.
Citing people familiar with talks, WSJ said the company has proposed to close roughly 400 to 500 stores and either sell or let creditors take over what’s left of its 2,100 drugstores spread out over 17 states.In all, Philadelphia-based Rite Aid faces more than $3.3 billion in debt and more than 1,000 federal lawsuits over its alleged role in the opioid epidemic, charges the chain denies.
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