Drug retailer Rite Aid files for bankruptcy, to close stores

Rite Aid has filed for bankruptcy protection on Sunday and said it would close underperforming stores and had received $3.45 billion in fresh financing.

It is carrying out a restructuring plan while coping with falling sales and opioid-related lawsuits.

On Thursday, it filed a notice to the US Securities and Exchange Commission saying it would be unable to file its latest quarterly financial report because it was looking at “strategic alternatives.” Over the past six years, Rite Aid has tallied nearly $3 billion in losses, reported CNN.

Rite Aid said it was arranging for payment of wages and other costs as usual, though some “underperforming” stores among its more than 2,100 pharmacies in 17 states will be closed.

Recently, the retailer appointed Jeffrey S. Stein as CEO, chief restructuring officer (CRO) and a member of the board of directors. Stei