The pharmacy chain may find stronger financial footing with an even smaller footprint, experts said.
The smallest of the top three U.S. pharmacy chains has been plagued by declining sales, operational challenges and the hefty cost of opioid lawsuits, all while struggling to keep pace with larger competitors Walgreens and CVS."It will reemerge leaner and with more serviceable debt," said Peter Bonis, chief medical officer at Wolters Kluwer Health.
Rite Aid also indicated it will offload its relatively small pharmacy benefit management company Elixer. PBM firm MedImpact has reportedly offered to buy the company for $575 million, per theRite Aid is already a fraction of the size of its largest competitors as measured by revenue, locations and workforce. It's also much smaller than it once was after shuttering or selling off dozens of stores in recent years.
The company will reduce its financial risk by unloading a large amount of debt as it cuts back unprofitable stores, Chedly Louis, vice president for Moody's Investors Service, told Axios.
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Major US pharmacy chain Rite Aid files for bankruptcyMajor U.S. pharmacy chain Rite Aid says it has filed for bankruptcy and obtained $3.45 billion in fresh financing as it carries out a restructuring plan while coping with falling sales and opioid-related lawsuits.
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