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On Monday evening, Rite-Aid filed a Chapter 11 bankruptcy proceeding with creditor protection. At the same time, the company received $3.45 billion in financing for continued operations during the bankruptcy proceedings.
In March, the US Department of Justice also sued Rite-Aid, accusing the chain of ignoring clear warning signs when it comes to suspected prescriptions for painkillers containing opioids. Rite-Aid denies the allegations. The abuse of painkillers containing opioids is a major problem in the US. Other drugstore and pharmacy chains have also been the target of similar lawsuits in recent years.
At the same time, Rite-Aid’s problem was high debt. Declining sales left the company with less money to maintain them.
(SDA)
Source: Blick
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
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