Pharmacy giant Rite Aid is planning to file for bankruptcy and expects to shutter 400 to 500 stores as part of that process, according to a report from the Wall Street Journal.
People familiar with the matter told the newspaper that the company could close up to 500 stores and either sell its remaining locations or turn them over to creditors.Since conversations surrounding the bankruptcy are ongoing, no final decisions have been made, Rite Aid said in a statement to news agencies.
The pharmacy chain has its headquarters in Philadelphia and operates 2,330 stores in 17 states, according to Fox Business. Its main competitors are CVS and Walgreens, both of which have far larger commercial footprints.The Wall Street Journal said the company's likely move into Chapter 11 bankruptcy protection is being driven in part by its substantial debt, around $3.
Rite Aid disputes the government's characterization of its handling of opioid medications and denies filling unlawful prescriptions. The company's lawyers have also filed a motion to dismiss the Justice Department's case.
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