Retailer with more than 2,000 stores in 17 states was hit by lawsuits alleging pharmacies contributed to oversupply of opioids
Debt-laden Rite Aid filed for bankruptcy protection on Sunday and said it would close underperforming stores, as the drugstore chain comes under pressure from lawsuits alleging that it helped fuel the US opioid crisis.
The filing will allow it to resolve litigation claims in an “equitable manner”, the company said, adding it has received a commitment for $3.45bn from some lenders, which will provide liquidity during the bankruptcy process.
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