RITE AID filing for Chapter 11 Bankruptcy IMMINENT
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https://www.yahoo.com/finance/news/rite-aid-prepares-bankruptcy-filing-store-closures-amid-opioid-lawsuits-211616962.html Rite Aid (RAD) stock fell more than 50% Friday after The Wall Street Journal reported the retail pharmacy is preparing to file for Chapter 11 bankruptcy as it faces mounting costs related to opioid lawsuits.
A source familiar with the matter confirmed to Yahoo Finance that bankruptcy planning is underway, with part of that plan likely to include shuttering more than 400 stores.
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@mistercheap someone said this is just restructuring to deal with the opioid liabilities
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1 Reply
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@dangeruss said in RITE AID filing for Chapter 11 Bankruptcy IMMINENT:
@mistercheap someone said this is just restructuring to deal with the opioid liabilities
closing 450 stores is not restructuring from where we as deal seekers stand. no where to shop.
PS, look for them to cut costs like crazy too, including a lot of the deals we’ve been spoiled by IMO. 450 stores represents over 20% of stores, some areas I’m sure will no longer have an RA close by.
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@mistercheap said in RITE AID filing for Chapter 11 Bankruptcy IMMINENT:
@dangeruss said in RITE AID filing for Chapter 11 Bankruptcy IMMINENT:
@mistercheap someone said this is just restructuring to deal with the opioid liabilities
closing 450 stores is not restructuring from where we as deal seekers stand. no where to shop.
PS, look for them to cut costs like crazy too, including a lot of the deals we’ve been spoiled by IMO. 450 stores represents over 20% of stores, some areas I’m sure will no longer have an RA close by.
That’s less than 1/5th. Even around here that’s not going to make a huge dent.
0If you purchase something through a post on our site, PhatWallet may get a small share of the sale.
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@dangeruss said in RITE AID filing for Chapter 11 Bankruptcy IMMINENT:
@mistercheap said in RITE AID filing for Chapter 11 Bankruptcy IMMINENT:
@dangeruss said in RITE AID filing for Chapter 11 Bankruptcy IMMINENT:
@mistercheap someone said this is just restructuring to deal with the opioid liabilities
closing 450 stores is not restructuring from where we as deal seekers stand. no where to shop.
PS, look for them to cut costs like crazy too, including a lot of the deals we’ve been spoiled by IMO. 450 stores represents over 20% of stores, some areas I’m sure will no longer have an RA close by.
That’s less than 1/5th. Even around here that’s not going to make a huge dent.
Like I said, in some areas it will. Not everyone lives in a densely populated area.
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i have 4 RA’s in my town, plus many more in surrounding town. Sure some of them will close.
I would not be surprised if RA tries to do something like J&J is doing with the talcum to deal with the opioid lawsuits.
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@ohsheet said in RITE AID filing for Chapter 11 Bankruptcy IMMINENT:
i have 4 RA’s in my town, plus many more in surrounding town. Sure some of them will close.
I would not be surprised if RA tries to do something like J&J is doing with the talcum to deal with the opioid lawsuits.From a deal hunting stand point, any store closures in my area hurts. I’ve often hit just about all my stores in a 5-7 mile radius looking for MM clearance deals or weekly deals where it’s an oddball item that any given store has maybe 2 or 3 on the shelf. So if you don’t get there first and there’s other deal hunters, you may not score any at all. I’ve benefitted from circulating amongst all my stores in certain situations.