Rite Aid is reportedly preparing for a Chapter 11 bankruptcy filing that could take place within weeks, according to the Wall Street Journal. Rite Aid provided no comment. According to the WSJ, a bankruptcy filing would allow Rite Aid to treat these claims as general unsecured liabilities. Even without these lawsuits, Rite Aid has had a tough year. In December 2021 Rite Aid closed 63 stores as it sought to create a “healthy foundation for growth,” and in April 2022 Rite Aid refused an unsolicited $3.6 billion takeover offer.

Source: Wall Street Journal August 28, 2023 19:19 UTC