Check out what’s clicking on FoxBusiness.com
Rite Aid Corp. filed for Chapter 11 bankruptcy on Sunday in a financial restructuring effort that included the naming of new leadership as the drug retailer faces lawsuits on accusations of contributing to the opioid crisis.
The company said in a news release it initiated a voluntary court-supervised bankruptcy process after setting goals to reduce debt, increase financial flexibility and “execute on key initiatives” including the potential sale of Elixir Solutions, an acceleration in determining the best path forward for some of its stores and the resolve of legal disputes in “an equitable manner.”
In addition, Rite Aid said it secured a $3.45 billion financing commitment from l…
Read the full article at: https://www.foxbusiness.com/markets/rite-aid-files-bankruptcy-appoints-new-leadership-financial-restructuring-initiative