Corporate bankruptcies in 2023 are now at the same levels seen during the 2020 pandemic.
We are also seeing the highest number of bankruptcies since 2010.
Needless to say, many companies are feeling the pain.
Follow us @KobeissiLetter for real time analysis as this develops.
— The Kobeissi Letter (@KobeissiLetter) October 16, 2023
via dailymail:
Pharmacy giant Rite Aid has filed for Chapter 11 bankruptcy – leaving an uncertain fate for its 2,100 stores.
It comes after the firm was unable to settle hundreds of lawsuits that accused them of oversupplying prescription painkillers in the midst of the US opioid crisis.
Rite Aid listed estimated assets and liabilities ranging from $1billion to $10billion, according to a court filing with the US Bankruptcy Court for the District of New Jersey.
It is unclear just how many Rite Aid stores are expected to close, or the locations, as the company currently operates more than 2,100 retail shops across 17 states.