Rite Aid Files for Chapter 11 Bankruptcy Amid Slowing Sales and Opioid Litigation

Rite Aid filed for Chapter 11 bankruptcy protection in New Jersey on Sunday and said it would begin restructuring to significantly reduce its debt.

The company said it reached a deal with creditors on a restructuring plan that includes evaluating its retail footprint and closing underperforming locations.

Rite Aid also said lenders agreed to extend $3.45 billion in new funding to “provide sufficient liquidity” as it embarks on its restructuring plan.

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