Why Rite Aid Stock Is Tumbling Today
Portfolio Pulse from Adam Eckert
Rite Aid Corp (NYSE:RAD) is reportedly planning to close between 400 and 500 of its 2,100 locations as part of a bankruptcy plan. The company is facing over $3.3 billion in debt and numerous lawsuits claiming the company oversupplied opioids. Rite Aid shares have fallen more than 85% since the start of the year.
September 25, 2023 | 4:38 pm
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Rite Aid's plan to close hundreds of stores as part of a bankruptcy plan, coupled with its significant debt and legal challenges, has led to a sharp decline in its stock price.
The news of Rite Aid's bankruptcy plan and the closure of hundreds of stores, along with its significant debt and legal challenges, are all negative factors that are likely to continue to put downward pressure on the company's stock price in the short term.
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