Rite Aid, one of the largest pharmacy chains in the United States, filed for bankruptcy on Sunday, weighed down by billions of dollars in debt, declining sales and more than a thousand federal, state and local lawsuits claiming it filled thousands of illegal prescriptions for painkillers.
The company filed for Chapter 11 bankruptcy protection in New Jersey. Its largest creditors include the pharmaceutical company McKesson Corporation and the insurer Humana Health. The pharmacy has raised $3.45 billion to fund its operations while it is in bankruptcy, during which it expects to continue to operate its stores and serve its customers.
The company also appointed a new chief executive, Jeffrey Stein, to lead its restructuring. Mr. Stein is the founder of Stein Advisors, a financial advisory firm that focuses on fixing troubled companies. Elizabeth Burr had been serving as Rite Aid’s temporary chief executive since January.
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