STATEN ISLAND, N.Y. — Facing both federal and state lawsuits over an alleged role in the sale of opioids, Rite Aid is preparing to file for Chapter 11 bankruptcy, according to a report in the Wall Street Journal.
After the report was published Friday, Rite Aid stock fell more than 50%, according to published reports.
A source familiar with the matter told Yahoo Finance the bankruptcy plan is already underway, and as many as 400 stores will likely be shuttered.
In a statement to Yahoo Finance, Rite Aid said: “We have closed 239 stores since 2021. 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.”
Rite Aid operates two stores on Staten Island at 43-68 Amboy Rd., Eltingville, and 2271 Richmond Ave., New Springville. The fate of those stores is unknown at this time.
Rite Aid is a full-service pharmacy that touts its stores as those which meet customers’ needs “with a wide range of vehicles that offer convenience,” including retail and delivery pharmacy, as well as services offered through wholly owned subsidiaries, Elixir, Bartell Drugs and Health Dialog.
For more information, visit www.riteaid.com.
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