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Rite Aid, which has struggled to keep hundreds of its pharmacies open in the last year as it faces a litany of lawsuits linked to the nation’s opioid crisis, filed for bankruptcy in New Jersey over the weekend. 

The pharmacy chain noted in an announcement Sunday that it will close more of its “underperforming” stores going forward.

Rite Aid’s Chapter 11 filing comes as the company is riddled with lawsuits over its alleged involvement in the opioid epidemic. That includes a federal lawsuit launched in March that argues Rite Aid filled hundreds of thousands of opioids and other controlled substance prescriptions illegally.

Beyond its legal woes, the company has also struggled financially in recent years, witnessing a drop in revenues from $6 billion last year to $5.7 billion this year. The company also has a significant amount of debt, at $3.3 billion as of June, compared to $2.9 billion in March.

In a news release, Rite Aid said it was unveiling a financial restructuring plan that will allow the company to “accelerate its ongoing business transformation” along with the bankruptcy filing. Rite Aid added that the new plan would “significantly reduce” the company’s debt, increase its financial flexibility and enable it to execute on key initiatives.

Rite Aid said it has received $3.45 billion in funds from lenders that it will use to keep its business afloat for the time being.

Amid the reshuffling, the company also announced the appointment of a new CEO. Jeffrey Stein will take the place of Elizabeth “Busy” Burr, who had served as interim CEO since January.

Stein joins Rite Aid from his post as founder and managing partner of Stein Advisors LLC, an advisory firm focused on financial and operational restructuring.

“With the support of our lenders, we look forward to strengthening our financial foundation, advancing our transformation initiatives and accelerating the execution of our turnaround strategy,” Stein said in a statement. “In doing so, we will be even better able to deliver the healthcare products and services our customers and their families rely on – now and into the future.”

Rite Aid is among some of the big healthcare players – like Johnson & Johnson, CVS and Walgreens – that have been accused of contributing to the nation’s more than two-decade opioid epidemic. These companies will be paying a combined $50 billion in settlements over the next two decades to local and state governments. In May, Walgreens agreed it would pay the city of San Francisco $230 million for its role in the opioid crisis.

Rite Aid also reached a few opioid settlements recently. In 2022, it settled with the state of West Virginia for up to $30 million.

However, the civil lawsuit brought on in March by the U.S. Department of Justice is still ongoing and Rite Aid is seeking to dismiss the claims, arguing it adhered to regulatory requirements.

To read a December 2024 article on pharmacies closing and how medical marketers can help bridge the gap for patients, click here.