American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Fed Governor Lisa Cook Warns Inflation Risks Remain as Rates Stay Steady 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Russian Stocks End Mixed as MOEX Index Closes Flat Amid Commodity Strength 
Dow Hits 50,000 as U.S. Stocks Stage Strong Rebound Amid AI Volatility 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Dollar Near Two-Week High as Stock Rout, AI Concerns and Global Events Drive Market Volatility 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
Singapore Budget 2026 Set for Fiscal Prudence as Growth Remains Resilient 
Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns 
Gold and Silver Prices Rebound After Volatile Week Triggered by Fed Nomination 
Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility 
Rite Aid Corporation is reportedly in the process of filing for Chapter 11 bankruptcy as it is facing rising costs for its alleged role in the opioid crisis in the United States. For this, it is now involved in a number of lawsuits related to the drug issue.
The American drugstore chain headquartered in Philadelphia, Pennsylvania, will resort to bankruptcy filing to protect itself and address the illegal prescription cases that were filed against it. Yahoo Finance reported that a source who has knowledge of the matter confirmed that the filing for Chapter 11 is underway.
The source told the publication that Rite Aid may also include the closure of its stores in the plan to cope with its problems. More than 400 locations are at risk of being shut down once the company starts the implementation of its coping strategies.
But then again, when Rite Aid was asked about the bankruptcy plans, it allegedly said that they “do not comment on rumors and speculation.” Thus, there is no direct confirmation yet from the company if it is indeed taking this route to address the increasing costs caused by the opioid lawsuits.
Rather, Rite Aid told Yahoo Finance, "We have closed 239 stores since 2021, and like all retail businesses, we regularly review each of our locations to ensure we are meeting the needs of our customers, communities, and the overall business."
While Rite Aid also gave the same response to Fox Business when asked if it is filing for bankruptcy, saying it does not comment on such rumors, the drugstore chain reportedly hired Kirkland & Ellis LLP to handle its restructuring.
Meanwhile, in its annual result that was reported in May, Rite Aid already hinted about its struggles due to the lawsuits. The company said at that time, "Although we believe we have adequate sources of liquidity to meet our anticipated requirements for working capital, debt service, and capital expenditures through at least the next twelve months, the costs associated with these legal proceedings are impossible to estimate with certainty, could exceed any applicable insurance coverage, and could significantly impact such liquidity."
Photo by: Chance Pereira/Flickr (CC BY-SA 2.0)
