Shoshy Ciment/Business Insider
- Rite Aid filed for voluntary Chapter 11 bankruptcy on Sunday following slumping sales and a series of lawsuits.
- The 61-year-old pharmacy chain listed $3.3 billion in debt as of June, not counting pending opioid litigation.
- In recent years it's faced growing competition from DTC pharmacy startups and even Amazon and Uber.
Rite Aid filed for voluntary Chapter 11 bankruptcy in New Jersey on Sunday — marking a dramatic fall from grace for what was once one of America's biggest drugstore chains.
Not only is the company facing a thousand lawsuits claiming it helped fuel an opioid epidemic in the US by unlawfully filling prescriptions for the painkillers, it's also facing a slowdown in sales, shuttering storefronts, and a whopping $3.3 billion in debt.