Rite Aid Files For Bankruptcy Protection

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Rite Aid commercial drug store filed for bankruptcy protection and plans on selling part of the company while going through the Chapter 11 process, significantly reducing the company’s debt. The pharmacy company has dealt with many lawsuits for providing opioid prescriptions and has been posting annual losses for several years. The company plans on still filling prescriptions and keeping some locations open while going through the Chapter 11 process, but will be closing underperforming stores. Rite Aid is approaching its 60th birthday this year amid cutting costs and closing stores due to ongoing financial challenges.