By Josh Schafer and Anjalee Khemlani
Source: Yahoo! Finance
Rite Aid stock fell more than 50% Friday after The Wall Street Journal reported the retail pharmacy is preparing to file for Chapter 11 bankruptcy as it faces mounting costs related to opioid lawsuits.
A source familiar with the matter confirmed to Yahoo Finance that bankruptcy planning is underway, with part of that plan likely to include shuttering more than 400 stores.
Asked about bankruptcy preparations on Friday, Rite Aid said, “We do not comment on rumors and speculation.”
Over the past year, the company’s stock has lost 90% of its value. The company’s market cap as of Friday stood at $41 million, Yahoo Finance data showed.
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