: Rite Aid’s stock drops more than 50% on report of pending Chapter 11 bankruptcy


Rite Aid Corp. shares RAD, -51.04% dropped Friday following a report that the drugstore chain was filing for Chapter 11 bankruptcy protection because of opioid lawsuits. Shares dropped more than 50% to an intraday low of 66 cents a share after the Wall Street Journal reported the company was filing to cover more than $3.3 billion in debt amid lawsuits that allege the drugstore chain overprescribed opioid painkillers, citing people described as familiar with plans. Rite Aid shares are down 78% to date in 2023, compared with a 14% gain in the S&P 500 index SPX, +0.67%. Back in June, shares came under pressure amid reports that the company was looking to restructure $2.9 billion in debt.

This article was originally published by Marketwatch.com. Read the original article here.

Previous article: Brands like Bud Light and Target have always tried to embrace social causes. Here’s why they just can’t win.
Next articleU.S. consumer sentiment dips at the end of August


Please enter your comment!
Please enter your name here