Drug retailer Rite Aid files for bankruptcy, gets $3.45B commitment

Rite Aid filed for Chapter 11 bankruptcy Sunday as the U.S. chain pharmacy began massive restructuring to reduce its mounting debt amid countless lawsuits and dwindling sales.

The Philadelphia-based company was awarded a commitment for $3.45 billion in new financing – which is expected to provide liquidity as it faces more than $8.6 billion in debt – as part of the filing.

The bankruptcy process will also allow Rite Aid to resolve over a thousand federal, state and local lawsuits alleging it oversupplied opioids in an “equitable manner,” the company said in a release.

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