According to a report, Rite Aid is in negotiating terms of a bankruptcy plan that could see a significant number of its more than 2,100 drugstores permanently close.
The pharmacy has apparently talked about closing as many as 500 stores in bankruptcy, and either sell or let creditors take over its remaining operations.
The Wall Street Journal previously reported that the company plans to file for bankruptcy protection as it faces more than $3.3 billion in debt and over a thousand federal lawsuits over its role in the opioid epidemic.
From Fox News:
The company's multibillion-dollar debt load and pending legal allegations that it oversupplied prescription painkillers, will be covered under the Chapter 11 filing, the report said last month. A Rite Aid spokesperson told FOX Business that the company does "not comment on rumors and speculation."
