Published on
Across the retail landscape, Rite Aid has appointed a new CEO and filed for Chapter 11 bankruptcy with a restructuring plan to reduce its debt. The drugstore chain has been contending with declining sales, mounting debt, and multiple lawsuits related to the opioid epidemic, according to Yahoo News. Consequently, the company anticipates losses of $650-680 million by late February.
What’s the outlook like? Rite Aid certainly has a lot of ground to cover. Larger rivals like CVS and Walgreens have turned their growth strategies toward clinical care, including urgent care services and telehealth, while Rite Aid has remained slower to keep pace with consumer preferences.
Rite Aid Restructures in Competitive Environment