Bankruptcy sparks heavy selling of the drugstore chain’s stock and bonds
Rite Aid Corp.’s stock tumbled 55% Tuesday, falling to 30 cents, after resuming trade following a halt on Monday. The stock was halted after the company filed for bankruptcy amid mounting piles of debt-related to opioid lawsuits.
Those notes were issued as 30-year bonds in December of 1996 with a spread of 100 basis points over the 30-year Treasury note at the time. The retailer will close more of its network, which currently sits at 2,100 stores. Jeffrey Stein, a restructuring expert, will become chief executive.
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