Rite Aid filed for Chapter 11 bankruptcy protection in New Jersey on Sunday and said it would begin restructuring to significantly reduce its debt.
The company said it reached a deal with creditors on a restructuring plan that includes evaluating its retail footprint and closing underperforming locations.
Rite Aid also said lenders agreed to extend $3.45 billion in new funding to “provide sufficient liquidity” as it embarks on its restructuring plan.
The beleaguered drugstore chain has been grappling with slowing sales, mounting debt and a slew of lawsuits that allege the company helped fuel the nation’s opioid epidemic by oversupplying painkillers. ... Read More: CNBC