By Sarah Nassauer and Alexander Gladstone
Source: The Wall Street Journal
Your local Rite Aid drugstore could soon disappear, a casualty of years of losses and failed mergers. In the end, Rite Aid was too small and too poor to pay the costs of lawsuits related to the opioid epidemic.
Rite Aid filed for bankruptcy on Sunday in New Jersey, unable to find the money to settle hundreds of federal, state and private lawsuits alleging it oversupplied prescription painkillers. The filing puts all those suits on hold.
As part of the restructuring, the company will close more of its 2,100 stores and name a new chief executive. Its collapse imperils some of the roughly 47,000 jobs at the company, which just celebrated its 61st anniversary.
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