Pharmacy chain bankruptcy filing

The bankruptcy of a huge pharmacy in the country

a bankruptcy Having a large company is always a big scare for customers and other employees. The cause of a breakdown can be the most diverse. This is due to poor management, or just a crisis after a decline in sales.

But the bankruptcy that we will reveal today concerns billions of dollars in debt. According to information from Panorama Farmacêutico, the giant in question has debts of US$3.3 billion (R$16 billion) and still faces other problems in court.

We are talking about Rite Aid, which, according to information on the Indústria S/A website, filed for bankruptcy protection in the United States on October 15 last year. The order comes on the heels of debt and a series of lawsuits alleging the pharmacy chain helped fuel the nation's opioid epidemic by illegally filling prescriptions for painkillers.

To get an idea of ​​the size of the giant, in the United States alone, the chain maintains 2,230 stores, spread across 17 states. With the filing for bankruptcy protection, he will work even though he owes creditors.

What are the giant's problems?

Debt aside, Rite Aid remains a defendant in several lawsuits related to its role in filling prescriptions for opioids. In 2017, for example, more than 1,000 opioid-related cases were consolidated in the U.S. District Court for the Northern District of Ohio. In March 2013, the Department of Justice filed its own complaint, alleging violations of the False Claims Act and the Controlled Substances Act.

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Additionally, CFO Matthew C. Schroder told investors in the company's second-quarter earnings call that losses were about $9 million higher than last year. he added That the company closed stores In “high shrinkage areas”.

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