Rite Aid Prepares Chapter 11 Bankruptcy to Restructure Debts
- Lawyers to lender groups have signed confidential agreements
- Retailer has struggled as it battles opioid-linked litigation
A Rite Aid store in Kingston, New York.
Photographer: Angus Mordant/BloombergThis article is for subscribers only.
Rite Aid Corp. is preparing a Chapter 11 bankruptcy filing to restructure debts including opioid liabilities, according to people with knowledge of the matter.
Advisers to the Philadelphia, Pennsylvania-based pharmacy chain have entered confidential discussions to hash out a plan ahead of the filing, said the people, who asked not to be named because discussions are private. The company is still finalizing its plans, which could change, the people added. Rite Aid is one of the largest pharmacy chains in the US, with more than 2,200 locations.