{"id":2013799,"date":"2023-08-27T19:20:01","date_gmt":"2023-08-27T23:20:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/major-american-business-with-2213-locations-set-to-file-bankruptcy-report\/"},"modified":"2023-08-27T19:22:24","modified_gmt":"2023-08-27T23:22:24","slug":"major-american-business-with-2213-locations-set-to-file-bankruptcy-report","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/major-american-business-with-2213-locations-set-to-file-bankruptcy-report\/","title":{"rendered":"Large US company with 2,213 branches to declare bankruptcy: Report"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fmajor-american-business-with-2213-locations-set-to-file-bankruptcy-report%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2013799&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>American Business with 2,213 Locations Set \u2063to File Bankruptcy: Report<\/h2>\n<p>A \u2063business found at intersections throughout America\u2063 could be\u200c going under.<\/p>\n<p>Rite Aid \u2063is preparing to file for\u2064 bankruptcy, \u2062according to \u200c <a href=\"https:\/\/www.foxbusiness.com\/lifestyle\/rite-aid-prepares-file-bankruptcy\" target=\"_blank\" rel=\"noopener\">Fox Business<\/a>.<\/p>\n<p>The\u200c pharmacy giant will point to its billions of dollars\u200c in \u2062debt and\u200c pending litigation as\u200b cause for bankruptcy protections in \u2063its upcoming filings.<\/p>\n<p>The drugstore chain has <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dems-couldnt-fire-this-trump-appointed-official-now-he-might-be-prosecuted-over-an-unauthorized-trip-to-walmart\/\" title=\"Dems Couldn\u2019t Fire This Trump-Appointed Official. Now He Might Be Prosecuted Over \u2026 An Unauthorized Trip To Walmart.\">obtained legal counsel<\/a> for its\u200c Chapter 11 filing and is planning on seeking the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/rage-against-the-machine-these-7-states-that-banned-masks-in-public-schools\/\" title=\"Rage Against The Machine: These 7 States That Banned Masks In Public Schools\">legal measure<\/a> to discharge \u200cits liabilities in the\u2062 coming weeks.<\/p>\n<p>Rite Aid\u2019s stock tanked\u2063 in the aftermath of \u200dthe bankruptcy reports.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Following the bankruptcy news, Rite Aid\u2019s\u2063 stock price\u200c took a\u200c significant hit. Starting the day at $1.45, shares plummeted, closing at just under 71 cents. The company remains tight-lipped, with their senior VP stating, \u201cWe\u2062 do not comment on rumors and speculation.\u201d <a href=\"https:\/\/twitter.com\/hashtag\/StockShock?src=hash&#038;ref_src=twsrc%5Etfw\">#StockShock<\/a> <a href=\"https:\/\/t.co\/Zy1AXp3Oih\">pic.twitter.com\/Zy1AXp3Oih<\/a><\/p>\n<p>\u2014 The \u200cExplorer (@TechRealmExpo) <a href=\"https:\/\/twitter.com\/TechRealmExpo\/status\/1695872686986314008?\">August 27,\u200d 2023<\/a><\/p>\n<\/blockquote>\n<p>The company refused to comment on \u201crumors \u2063and\u200c speculation\u201d in a statement\u200c proceeded to \u2064Fox Business.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Rite Aid response \u200bto <a href=\"https:\/\/twitter.com\/YahooFinance?\">@YahooFinance<\/a>:<br \/>\n\u201cWe do not comment on rumors and speculation.\u201d<\/p>\n<p>Drug retailer Rite Aid prepares to file for bankruptcy \u2013 WSJ <a href=\"https:\/\/twitter.com\/search?q=%24RAD&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$RAD<\/a> <a href=\"https:\/\/t.co\/DVE3i0YLKW\">https:\/\/t.co\/DVE3i0YLKW<\/a><\/p>\n<p>\u2014 \u2063Anjalee Khemlani (@AnjKhem) <a href=\"https:\/\/twitter.com\/AnjKhem\/status\/1695146676367835472?\">August 25, 2023<\/a><\/p>\n<\/blockquote>\n<p>Rite Aid\u2019s\u2063 role in\u2062 the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">opioid crisis<\/a> \u2064is thought to have played a significant \u2063role in its financial\u2064 woes.<\/p>\n<p>The \u2062company\u2019s\u2062 critics accuse it of oversupplying\u2064 opioid medication to patients.<\/p>\n<p>Nearly \u2062280,000 Americans died from overdoses on \u2064 <a href=\"https:\/\/www.westernjournal.com\/ap-millennials-behind-multimillion-dollar-online-opioid-drug-ring-sentenced-prison\/\" target=\"_blank\" rel=\"noopener\">opioid<\/a> drugs between 1999 and 2021, according to the <a href=\"https:\/\/www.cdc.gov\/drugoverdose\/deaths\/opioid-overdose.html\" target=\"_blank\" rel=\"noopener\">Centers for Disease Control<\/a>.<\/p>\n<p>If \u200bRite Aid\u2019s bid for bankruptcy were to\u200c be \u200dapproved \u2063by the \u2063courts, it would join pharmaceutical\u2064 manufacturers such as <a href=\"https:\/\/www.westernjournal.com\/pleading-guilty-paying-8-billion-fine-oxycontin-makers-claim-innocence-opioid-crisis\/\" target=\"_blank\" rel=\"noopener\">Purdue \u2063Pharma<\/a> and Mallinckrodt in\u200b taking the\u2063 move to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/major-american-business-with-2213-locations-set-to-file-bankruptcy-report\/\" title=\"Large US company with 2,213 branches to declare bankruptcy: Report\">avert opioid crisis-related liabilities<\/a>.<\/p>\n<p>The company doesn\u2019t have a settlement agreement with plaintiffs in its\u200b opioid-related\u2063 lawsuits in\u200d place, according to The <a href=\"https:\/\/www.wsj.com\/articles\/rite-aid-prepares-bankruptcy-that-would-halt-opioid-lawsuits-69f94242\" target=\"_blank\" rel=\"noopener\">Wall Street Journal<\/a>.<\/p>\n<p>Rite \u200cAid is <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-doj-defends-cops-who-cleared-lafayette-square-for-trump\/\" title=\"Biden DOJ Defends Cops Who Cleared Lafayette Square for Trump\">facing lawsuits<\/a> \u200bfrom the federal government, state governments, and private\u2064 parties.<\/p>\n<p>The <a href=\"https:\/\/www.justice.gov\/usao-ndoh\/pr\/united-states-files-complaint-alleging-rite-aid-dispensed-controlled-substances\" target=\"_blank\" rel=\"noopener\">Department\u2062 of Justice<\/a> accused the company of violating the Controlled \u2064Substances Act and the False Claims \u2064Act\u2063 in a March lawsuit.<\/p>\n<p>The <a href=\"https:\/\/www.riteaid.com\/locations\/\" target=\"_blank\" rel=\"noopener\">company<\/a> lists 2,213 locations throughout\u2062 the United\u2063 States on its website \u2014 pharmacies\u2064 which \u2062potentially could disappear should Rite Aid\u2019s assets be liquidated in bankruptcy.<\/p>\n<p>The billionaire <a href=\"https:\/\/www.westernjournal.com\/ap-oxycontin-makers-plead-guilty-criminal-charges-agree-multi-billion-dollar-settlement\/\" target=\"_blank\" rel=\"noopener\">Sackler<\/a> family \u2014 largely considered to have pioneered the use of opioid OxyContin \u200dthrough Perdue Pharma \u2014 sought legal immunity\u2062 from opioid-related lawsuits in\u2063 a $6 billion settlement that was shot down by the Supreme \u2062Court \u200bearlier this month, according to\u200c <a href=\"https:\/\/www.cnn.com\/2023\/08\/10\/politics\/supreme-court-purdue-pharma-opioid-settlement\/index.html\" target=\"_blank\" rel=\"noopener\">CNN<\/a>.<\/p>\n<p>The \u200bpost <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\/major-american-business-2213-locations-set-file-bankruptcy-report\/\">Major American Business with 2,213 Locations Set to\u200b File Bankruptcy: Report<\/a> appeared\u2063 first \u200bon <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\">The Western Journal<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>its bankruptcy proceedings and is expected to make the filing in the coming weeks. Rite Aid&#8217;s financial struggles have been exacerbated by fierce competition from online retailers and the ongoing COVID-19 pandemic, which has impacted foot traffic in stores. The company&#8217;s bankruptcy filing will aim to restructure its debt and ensure its survival in the challenging retail landscape.<\/p>\n","protected":false},"author":666,"featured_media":2013800,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-2013799","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2013799","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/666"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2013799"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2013799\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2013800"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2013799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2013799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2013799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}