Bankrupt drugstore chain Rite Aid raises going concern doubts

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October 18, 2023 6:32 AM EDT

FILE PHOTO: A woman shops inside a Rite Aid store underneath a DeepCam security camera in New York City, New York, U.S., June 25, 2020. Picture taken June 25, 2020. REUTERS/Lucas Jackson/File Photo

(Reuters) - U.S. drugstore chain Rite Aid raised concerns about its ability to remain in business in a regulatory filing on Wednesday, days after it filed for bankruptcy protection.

The debt-laden company had filed for Chapter 11 bankruptcy late on Sunday and said it would close underperforming stores, sell its pharmacy benefit company Elixir and resolve lawsuits over its sale of addictive opioid medications.

Rite Aid said its ability to continue is dependent on successfully emerging from its Chapter 11 cases and generating sufficient liquidity after restructuring its business.

(This story has been refiled to correct a typo in paragraph 3)

(Reporting by Bhanvi Satija in Bengaluru; Editing by Arun Koyyur)


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