Rite Aid files for Chapter 11 bankruptcy
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 16 October 2023
⏱️ 7 minutes
🧾️ Download transcript
Summary
A New Jersey bankruptcy court will hold the the first hearing on the restructuring of pharmacy chain Rite Aid today. The smaller rival of CVS and Walgreens has been limping along for years and has been hammered by opioid lawsuits. We also take a closer look at the benefits of including salary ranges in job postings. And later: What are the returns on investments in the arts?
Transcript
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| 0:00.0 | The benefits of including salary information and job postings. |
| 0:05.6 | From Marketplace, I'm Nancy Marshall Genser in for David Broncaccio. |
| 0:09.6 | First, later today, a bankruptcy court in New Jersey will hold the first hearing on |
| 0:13.9 | the restructuring of pharmacy chain Wright Aid. |
| 0:17.0 | The company is filed for Chapter 11 bankruptcy. |
| 0:19.8 | It expects to close some of its doors in an effort to reduce its heavy debt burden. |
| 0:24.8 | Marketplace's Novosafo has more. |
| 0:27.2 | Wright Aid says it has some $8.5 billion in debt and $7.5 billion in assets. |
| 0:32.8 | It's also facing lawsuits tied to the opioid addiction epidemic, including one filed by |
| 0:37.6 | the Justice Department, which accuses the company of knowingly filling hundreds of thousands |
| 0:41.6 | of illegal prescriptions for addictive painkillers. |
| 0:45.1 | Such lawsuits are put on hold during the bankruptcy process, and companies such as drug makers |
| 0:49.9 | Purdue, Malancourt, and Endo have used the tactic to deal with opioid-related claims. |
| 0:56.6 | Wright Aid has been limping along for years, a small arrival of CBS and Walgreens. |
| 1:01.3 | In its latest quarter, it reported shrinking sales and a net loss of $300 million. |
| 1:06.7 | The company's restructuring plan includes closing some of its retail locations to save |
| 1:11.2 | on rent. |
| 1:12.5 | Wright Aid did not specify how many stores would be affected. |
| 1:16.4 | I'm Novosafo, for Marketplace. |
| 1:19.0 | Within 80% of hiring managers across the country say they now include salary information |
| 1:24.8 | in job listings, that's according to new research from the employment firm Robert |
| 1:29.3 | Half. |
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