Posted on 08/27/2023 10:12:10 AM PDT by Chad C. Mulligan
Pharmacy giant Rite Aid, which is facing an onslaught of lawsuits over its alleged role in the opioid epidemic, is planning to file for bankruptcy protection, according to a report.
The company's multibillion-dollar debt load and pending legal allegations that it oversupplied prescription painkillers, will be covered under the Chapter 11 filing, The Wall Street Journal reported Friday, citing people familiar with the matter.
A Rite Aid spokesperson told FOX Business that the company does "not comment on rumors and speculation."
The law firm reportedly handling the restructuring, Kirkland & Ellis LLP, did not immediately respond to FOX Business' request for comment.
Rite Aid, one of the nation's largest pharmacy chains with more than 2,2000 locations, is facing numerous lawsuits for allegedly contributing to the opioid crisis that has taken a toll on communities nationwide.
The Department of Justice filed a lawsuit against Rite Aid earlier this year, claiming the company knowingly filled "unlawful prescriptions for controlled substances" in violation of the False Claims Act and Controlled Substances Act. Ticker Security Last Change Change % RAD RITE AID CORP. 0.70 -0.74 -51.05%
Rite Aid has denied allegations that it filled unlawful prescriptions, the Journal reported. A bankruptcy filing would also halt these suits for the time being and provide the company another pathway to resolve them, according to the newspaper.
This hysterical campaign against mfgrs and retailers of the only form of medication that helps my chronic low back pain is 99% lawfare to enrich tort lawyers, and political distraction from the government's failure to address real crime and economic issues.
Don't let me get going on this.....
“...oversupplied prescription painkillers...”
Not to me, they didn’t. They actually UNDER-filled two Rxs, and I had to go back to get one of the pharmacists to recount the bottle. They did replace the missing pills.
They’re taking the fall for the actual people who created the opiod crisis.
Some nefarious individuals, somewhere, are profiting from this, somehow.
Rite Aid, one of the nation’s largest pharmacy chains with more than 2,2000 locations, is facing numerous lawsuits for allegedly contributing to the opioid crisis that has taken a toll on communities nationwide.
Business bankruptcy usually means they are protected from paying full bills to creditors but stay open for years and years. Not always, though.
Same here. Now, I know why they are so difficult, now.
Maybe I’m missing something. If a customer presents a valid prescription to a pharmacy, is it not the pharmacy’s job to fill it? It’s not the job of the pharmacist to second-guess the doctor.
Now if that prescription is truly overprescribing something, I’d say go after the doctor who prescribed it.
A while back, Rite Aid announced that they’d be moving their headquarters from central Pennsylvania to Philadelphia. Right then and there, I knew the company was run by retarded people.
Great. Rite Aid is my nearest pharmacy. I refuse to go to the rotten CVS. The closest CVS to me, which actually also sold liquor in the store, closed. I much prefer Rite Aid. I hope they don’t close.
One pharmacist was screaming at my friend's mother that she didn't have a valid doctor's license. She does.
Omg, does this idiocy never end?
All pharmacies prescribed these drugs and followed prescriptions.
The question is—did Rite Aid do something different?
The details matter—no clue what they are.
Yep the slip and fall lawyers have driven Rite Aid into bankruptcy. More to come.
Good. I hate them for eliminating tobacco products and even matches and lighters. BUT they continued to sell alcohol products and fattening candy and snacks. Total hypocrites.
I’m glad because they refused to fill my pain medication while I have cancer and other issues with osteoarthritis. I changed to an independent pharmacy. They’re great.
Don’t know about unlawful prescriptions, but it always surprised me that in several towns of about 15,000 to 20,000 in central Alabama, there was a Rite Aid, Walgreens and a CVS almost within a stones throw of each other. Some street and within the same mile or less.
The Rite Aid closed in a couple of them within the past three or four years. Didn’t shop them enough to think one was better than the others, but it was the Rite Aids that closed.
Isn’t it the doctors who do that?
Forgive me. I thought the headline said CVS. Whatever I posted, just substitute Riteaid for CVS.
I have a different take on this than most, and that is because of a few things:
1. We all learned in the 7th grade about opiates and how addictive they are and how easy it can be to die from an overdose.
2 When I was 18 I had a real bad motorcycle accident. The opiates literally saved my life. Before my doctors gave me the prescription for all the Percodan I could eat, we had a nice long conversation about how I would become addicted to this drug, I did it with my eyes wide open and didn’t care and my Doctors agreed that is was the best course of action in my case. But this was in 1979 when Doctors were still allowed to practice medicine on their own without unnecessary input or approval by an Insurance company.
At the end of 3 months when I was taking 50 Percodan a Day it was finally time for my Skin Grafting Surgery, I was fully addicted to opiates, but we had a PLAN FROM DAY 1, and they stuck to it, I went into the hospital and spent the first week going thru Managed Withdrawls in a Hospital Bed, after 8 days I was clean and no longer physically addicted to opiates and then they did the Surgery.
When I woke up from my 12 hour surgery I was Pain Free and NOT Addicted to opiates and didn’t need the pain meds anymore. I received exceptional care and don’t regret any of it and if the need ever comes up I wouldn’t think twice about doing it again. It wasn’t that bad, withdrawls sucked but it is what it is, I had NO CHOICE. My pain was such that if I didn’t take the pills within an hour I would go into Shock and Pass out shaking wherever I was at, so it was absolutely necessary, there was no alternative.
If I were the Sacklers I would require every Pharmacy and Hospital to sign a “Terms of Service Agreement” Prohibiting every Medical Provider and Pharmacy NEVER Prescribe ANY drug we produce to ANY Public Employee or Officer of the Court, YES I would prohibit ALL OF THEM from using these dangerous but extremely necessary drugs, LET THEM ALL SUFFER IN PAIN , I DON’T Care, they deserve it.
Maybe someday someone here will experience Real Pain and be thankful these Pain Relieving Drugs exist.
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