In 2022, Rite Aid settled for up to $30 million to resolve lawsuits alleging pharmacies contributed to an oversupply of prescription opioids.
It said it had reached an agreement with its creditors on a financial restructuring plan to cut its debt and position itself for future growth and that the bankruptcy filing was part of that process.
In March, the Justice Department filed a complaint against Rite Aid, alleging it knowingly filled hundreds of thousands of unlawful prescriptions for controlled substances from May 2014-June 2019. It also accused pharmacists and the company of ignoring "red flags" indicating the prescriptions were illegal.
Jeffrey Stein, who heads a financial advisory firm, was appointed Rite Aid's CEO as of Sunday, replacing Elizabeth Burr, who was interim CEO and remains on Rite Aid's board., Rite Aid notified the New York Stock Exchange that it was not in compliance with listing standards. During a grace period, the company's stock continues to be listed and traded.
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