Several weeks following the initial presentation of a bankruptcy plan by Rite Aid, which included the closure of numerous stores, the Philadelphia-based pharmacy chain officially filed for Chapter 11 bankruptcy protection on Sunday. This development was largely anticipated.
Rite Aid, along with its counterparts such as CVS and Walgreens, has confronted shared challenges in recent years. These challenges encompass shifting customer preferences towards e-commerce giants like Amazon and large retail chains, posing stiff competition to traditional pharmacy chains.
Adding to these difficulties, Rite Aid is entangled in over 1,000 lawsuits that accuse it of having dispensed illicit prescriptions, including opioids.
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