Rite Aid shares plunged about 50% after The Wall Street Journal reported that the drugstore chain is preparing to file for Chapter 11 bankruptcy in the coming weeks.
The bankruptcy is intended to resolve federal and state lawsuits the drugstore chain is facing over its alleged role in selling opioids, the Journal reported. The stock was last trading at around 72 cents a share.
Friday’s share price drop was its sharpest intraday drop on record, and shares are currently trading at record lows, according to Dow Jones Market Data.
https://www.wsj.com/livecoverage/stock-market-today-dow-jones-08-25-2023/card/rite-aid-shares-plummet-after-bankruptcy-report-v6ORC6Ft6GGE8MKVSisC?siteid=yhoof2&yptr=yahoo Rite Aid stock plummets after bankruptcy report