Posted on 08/25/2023 12:58:48 PM PDT by EBH
Rite Aid Corp (RAD.N) is preparing to file for bankruptcy in coming weeks to address lawsuits the company is facing over its alleged role in the sale of opioids, the Wall Street Journal reported on Friday, citing people familiar with the plan.
Shares of the pharmacy retail chain operator fell 35% to 94 cents in afternoon trade.
The Chapter 11 filing would cover Rite Aid’s more than $3.3 billion debt load and pending legal allegations that it oversupplied prescription painkillers, the newspaper reported.
Rite Aid did not immediately respond to a Reuters request for comment.
Regionally focused Rite Aid operates more than 2,330 stores in 17 U.S. states, although it is much smaller than rivals like Walgreens Boots Alliance (WBA.O) and CVS Health (CVS.N).
Along with other pharmacy chains, Rite Aid has been named a defendant in lawsuits that alleged they helped fuel the opioid crisis in the United States.
(Excerpt) Read more at reuters.com ...
You can thank the children of Obeyme and their gimmedat attitude for this!
Bidenomics is now hitting big business. 62% of small business owners are not paying themselves a salary. That doesn’t bode well, and it seems nearly daily some large business is so in hock that they have to declare bankruptcy and reorganize.
Lawfare is destroying our economy.
Our local “Kootenai Health” hospital is community owned. They sacked so many employees during COVID because they weren’t getting vaxxed that they had to bring in traveling nurses. Their labor cost DOUBLED. Now they are in deep financial peril and are cutting programs.
Who could possibly have foreseen that?
Stores, corporations, universities, hospitals...the ONLY orgs that are NOT cutting are state and federal governments.
Eventually, some local governments will attempt to force stores to remain in bad neighborhoods because of “equity” aka racism. This is much like what NYC did to the taxi drivers. The taxi drivers refused to pick up blacks and turned away drop offs in black neighborhoods. The drivers rightfully saw it as a matter of life and death. The politicians saw it as racism. Now it is difficult to find a NYC taxi driver where English is their first language.
Just wait until the next wave of lockdowns and masks and shot mandates hit.
Everybody work from home
Everybody come back into the office
Everybody work from home.
People do not like being jerked around.
It’s not sustainable. Businesses will take a massive hit. Corporate real estate will take a massive hit.
Bad times.
The “opioid epidemic” didn’t end with these shakedowns of pharmacies and drug makers or crackdown on doctors. People with the hard-core addiction just switched to fentanyl. I’d like to see a chart of opioid deaths before the crackdown vs after the crackdown.
Meanwhile, people with severe pain and post operative pain are being told to “deal with it”.
Does anyone here know anyone who has received compensation resulting from these lawsuits of the pharmacy retailers and the pharma producers?
I only ask because my cynical arse strongly suspect that this is a money grab that doesn’t benefit victims.
Not that I’m crying for pharma though.
Contingency lawsuits should be illegal and as far gone as England is at least they have loser pays. That would fix this but it will never happen. The 2 largest rat contributors are the teacher’s unions and the trial lawyers.
Rite-Aid bought out the west coast chain “Thrifties”. It was a major disappointment to me - though they did keep the ice cream stands :-)
However, they redesigned the stores from straight and perpendicular aisles into weird angles so you had to walk a maze to get in and out of there. I found it personally peeving. After a few years they went back to some simple straight aisles - I think just from a “how many units can you stock in the store” geometric question, vertical and horizontal aisles make more sense.
Such a roaring economy. /sarc
Lawfare is taking down the country.
The entire case came against Purdue came down to what one person wrote in an internal memo, showing they knew their product was addictive. Like Duh. People have known that opioids are addictive for 100s of years; back when they were smoking opium, making laudanum, and when Bayer introduced heroin.
People abused them back then; just like they do now. And now, instead of a well regulated pharmaceutical people are buying and dying from unregulated and cheap to make and sell synthetic fentanyl coming across the border(s) and made in makeshift labs.
Crackdown on cocaine led to a rise in synethic meth. Crackdown on the various medical opiates led to a rise in synthetic fentanyl. This is simple not a war that can be one attacking the supply. But it made some lawyers rich; just like the big tobacco lawsuits. Wasn’t Al Gore’s running mate a tobacco-liability billionaire lawyer?
The government went after the Sacker Family and Perdue Pharmaceuticals for the Oxycontin opioid mess but decided not to do anything about the Fentanyl.
You see it’s too hard to go after and stop the real criminals so they go after those they can get headlines with.
I don’t blame Perdue for the Oxycontin mess, I blame the doctors who were writing scripts left and right.
FJBIDENOMICS
Rite Aid also bought the East Coast pharmacy chain Eckerd, in search of illusory scale economies, assuming almost $1b in debt in the process.
https://face-facts.org/3000-2/
Richard ‘Red’ Lawern if you can find his main page you will find all kinds of info on it.
I am a bit confused, I thought Rite Aid had gone out of business already.
Rite Aid Says All 1,932 Stores Transferred To Walgreens
Bruce Japsen
Senior Contributor
Mar 28, 2018,08:17am EDT
This article is more than 5 years old.
Walgreens is buying 1,932 stores and three distributions centers from Rite Aid for nearly $4.4 billion in cash
The remaining more than 2,500 Rite Aids including its EnvisionRx PBM are being sold to grocery store giant Albertsons
What happened to the Albertsons deal?
The Rite Aids in Maine all became Walgreens which run much better stores. There was at least one place where a recently built Rite Aid was closed as it was cady corner to a recently built Walgreens. The Rite Aid became a Dollar Tree store. The Walgreens that was in a prime spot was later closed during Covid, was vacant for a while and is now a Dollar General.
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