Rite Aid Hopes Bankruptcy Will Help It Emerge Stronger (Representational Image: Unsplash) 
Medicine

Drug Retailer Rite Aid Files for Bankruptcy Protection

Rite Aid files for bankruptcy protection after years of decline.

Author : MBT Desk

Rite Aid Corp filed for Chapter 11 bankruptcy on Sunday, as it comes under pressure from lawsuits alleging that the drugstore chain helped fuel the opioid crisis in the United States.

Rite Aid listed estimated assets and liabilities in the range of $1 billion to $10 billion in a court filing with the U.S. Bankruptcy Court for the District of New Jersey.

Philadelphia, Pennsylvania-based Rite Aid operates more than 2,000 retail stores across 17 states in the U.S., although it is much smaller than its rivals such as Walgreens Boots Alliance and CVS Health.

Rite Aid, along with other pharmacy chains, has been sued for allegedly contributing to the opioid crisis in the United States.(Representational Image: Unsplash)

Along with other pharmacy chains, it has been named a defendant in lawsuits that alleged they helped fuel the opioid crisis in the United States.

The U.S. Department of Justice in March sued Rite Aid, accusing the pharmacy chain of missing "red flags" as it illegally filled hundreds of thousands of prescriptions for controlled substances, including opioids.

More than 900,000 people have died of drug overdoses in the U.S. since 1999, with opioids playing an outsized role, according to data from the U.S. Centers for Disease Control and Prevention.

(AM/VOA)

Ahmedabad’s IKDRC Sets National Record With 500 Kidney Transplants in a Year

Young People’s Social Worlds Are ‘Thinning’ Here’s How That’s Affecting Wellbeing

Centre Approves State-of-the-Art Forensic Institute in J&K Following AIIMS Jammu Proposal

The Changing Landscape of STIs in Young Adults: Why Infections Are Rising Despite Awareness

Another Hospital Assault? Bikaner Patient Alleges Doctor Beat Him During Chest Pain Emergency