Major US pharmacy chain Rite Aid files for bankruptcy
Major US pharmacy chain Rite Aid files for bankruptcy
Major U.S. pharmacy chain Rite Aid says it has filed for bankruptcy and obtained $3.45 billion in fresh financing as it carries out a restructuring plan while coping with falling sales and opioid-related lawsuits.
Major U.S. pharmacy chain Rite Aid said Sunday that it has filed for bankruptcy and obtained $3.45 billion in fresh financing as it carries out a restructuring plan while coping with falling sales and opioid-related lawsuits.
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.
The plan will “significantly reduce the company’s debt” while helping to “resolve litigation claims in an equitable manner,” Rite Aid said.
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Rite Aid got caught knowingly filling illegal and suspicious opioid prescriptions, got slapped with a lawsuit, and now is restructuring.
They fueled the opioid crisis for profit, got caught, and now the courts are bailing them out of their debts
On the bright side they put my two local pharmacies out of business.
The debt resulting from opioids is pocket change—the settlements are only about $30 million. The new funding they're getting is over 100x that much.
Were they forcing pharmacists to fill suspicious scripts? I'm not putting my license on the line for that shit
“We allege that Rite Aid filled hundreds of thousands of prescriptions that did not meet legal requirements,” said Associate Attorney General Vanita Gupta. “According to our complaint, Rite Aid’s pharmacists repeatedly filled prescriptions for controlled substances with obvious red flags, and Rite Aid intentionally deleted internal notes about suspicious prescribers. These practices opened the floodgates for millions of opioid pills and other controlled substances to flow illegally out of Rite Aid’s stores.”