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The student news site of Day Creek Intermediate School

The Day Creek Howl

The student news site of Day Creek Intermediate School

The Day Creek Howl

The student news site of Day Creek Intermediate School

The Day Creek Howl

Rite Aid files for bankruptcy

Rite+Aid%2C+similar+to+stores+such+as+CVS+and+Walgreens%2C+is+a+drugstore+chain+that+was+founded+in+1962.
Sydney N.
Rite Aid, similar to stores such as CVS and Walgreens, is a drugstore chain that was founded in 1962.

Rite Aid Corp. volunteered to file for Chapter 11 bankruptcy. This comes after a massive fall in sales and lawsuits over unlawful opioid (a painkiller) prescriptions. The bankruptcy could speed up the closure of unprofitable stores; up to 500 stores. Rite Aid agreed to sell Elixir, a benefits manager, to MedImpact Healthcare Systems. The company lost $5.7 billion in revenue in the last financial quarter, down from $6 billion the year before. Also, Rite Aid had a net loss of $300 million. In the opioid litigation, Rite Aid knowingly sold hundreds of thousands of unlawful prescriptions of controlled opioids. The opioid litigation also claimed that Rite Aid downplayed the risks of opioids in the opioid epidemic which killed over 1 million people by overdose since 1999. It is not the only pharmaceutical company to file for bankruptcy because of the litigation, but it is the biggest corporation.

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About the Contributors
David B., SODC/Big News
David likes to write. But in most of his spare time he enjoys playing games and reading articles to learn about new things. He also enjoys school and learning new things. He wants to be a professor.
Sydney N., Photographer
Sydney wishes to try new things and explore different things about the world she didn't know about. She hopes to become a live-action photographer when she grows up and wants to study really hard for it. She also likes to read, write, and roller skate. Sydney hopes to achieve her goals in Journalism and she tries to do the best she can when she does new things. She also loves to hang out with friends and family whenever she can.