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Rite Aid Rejects 168 Store Leases As Part of Bankruptcy
Unable to absorb the potential cost of federal, state and private lawsuits over allegations that it, along with other drugstore chains, oversupplied prescription painkillers, Rite Aid filed for bankruptcy protection in September.
The Chapter 11 filing puts Rite Aid's exposure to the opioid liability suits temporarily on hold as the retailer attempts to restructure more than $3 billion of existing debt, according to a report in the Wall Street Journal.
Rite Aid, which has already closed more than 200 stores over the past two years, is expected to shutter several hundred more as part of the restructuring. The company hasn't determined how many, but it has rejected 168 store leases as part of the bankruptcy filing, the WSJ reported.
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