The pharmacy chain Rite Aid has filed for bankruptcy


The American pharmacy chain Rite Aid has filed for bankruptcy in a New Jersey court, burdened by a multibillion-dollar debt and hundreds of lawsuits related to its role in the opioid crisis in the United States.
In a statement, the company announced the appointment of a new CEO, Jeffrey Stein, to lead its restructuring.

Stein "is a corporate leader with experience and an expert CEO in supporting companies going through business transformations," the statement said.

Rite Aid has also secured $3.45 billion in loans to finance its operations during its bankruptcy.

In pre-market electronic trading on Wall Street on Monday, the company's shares fell over 16%.

The company also announced that it will close some of its stores to reduce expenses and improve its financial situation. Around 67,000 people work for the chain, which just celebrated its 61st anniversary, according to The Wall Street Journal.

Rite Aid had been dealing with a considerable debt for some time. In June, the company reported that it owed around $3.3 billion, not including the expenses related to lawsuits over the excessive sale of opioids, filed by both state governments and the federal administration.

The company had also been forced to close several of its stores, affecting sales. According to The New York Times, the company's shares have fallen almost 80% since the beginning of the year.