Rite Aid filed for bankruptcy on Sunday as the company struggles with more than 1,000 lawsuits over its alleged role in the opioid crisis alongside mounting debts and declining sales. The pharmacy, which filed for Chapter 11 bankruptcy protection in New Jersey, said it raised $3.45 billion to provide liquidity to support its operations throughout the process. It also claimed the funding would allow the business to resolve the lawsuits—which have accused Rite Aid of illegally filling prescriptions— in an “equitable manner.” Aside from the litigation, Rite Aid had amassed debts of $3.3 billion as of June, while sales have fallen amid growing competition from bigger rivals including CVS and Amazon. Its stock has fallen by almost 80 percent since the beginning of the year.
