Rite Aid
About Rite Aid
Rite Aid filed for Chapter 11 bankruptcy on October 15, 2023. The pharmacy chain had 2,100 stores and 4 billion in debt. Rite Aid faced declining revenue, competition from CVS and Walgreens, and opioid lawsuits. The company had been named in numerous lawsuits related to opioid dispensing. CEO Elizabeth Burr led the restructuring. Rite Aid closed approximately 500 underperforming stores during bankruptcy. The restructuring eliminated 2 billion in debt. Rite Aid emerged from bankruptcy in August 2024 with new ownership. The case illustrated how pharmacies faced unique challenges from both retail competition and opioid litigation. Rite Aid was the smallest of the three major pharmacy chains and had the weakest financial position.
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