Joe Biden’s economic policies continue to crush American businesses.
And as rumors of another round of forced government lockdowns increase, more companies are wondering if they will even make it.
Now this iconic drugstore chain is teetering on the edge of bankruptcy for these terrible reasons.
It’s literally a corner drug store, a business found at intersections all across America.
And now it could be going out of business.
A shocking declaration
According to Fox Business, major drugstore chain Rite Aid is preparing to file for bankruptcy.
The pharmacy giant will declare its billions of dollars in debt and pending litigation as the cause for bankruptcy protections in its upcoming filings.
But there is no doubt Biden’s economic policies, which have shuttered so many already, are a major reason for the drug giant’s woes.
The drugstore chain has already obtained legal counsel for its Chapter 11 bankruptcy filing and is planning to seek legal measures to discharge its liabilities in the next few weeks.
Rite Aid’s stock predictably tanked in the aftermath of the bankruptcy reports.
Rite Aid, for its part, has so far refused to comment on “rumors and speculation.”
They even took to social media to say so.
Rite Aid response to @YahooFinance:
"We do not comment on rumors and speculation."Drug retailer Rite Aid prepares to file for bankruptcy – WSJ $RAD https://t.co/DVE3i0YLKW
— Anjalee Khemlani (@AnjKhem) August 25, 2023
Opioid, lawsuits, and bankruptcy
In addition to Bidenenomics, and high inflation, Rite Aid is facing another major challenge.
Rite Aid’s role in the nation’s deadly opioid crisis is also thought to be playing a major role in its current financial woes.
Many of Rite Aid’s critics claim the drug chain oversupplied opioid medication to its customers.
According to the Centers for Disease Control, nearly 280,000 Americans died from overdoses on opioid drugs between 1999 and 2021.
And if Rite Aid’s bid for bankruptcy is approved by the courts, it would join pharmaceutical manufacturers like Purdue Pharma and Mallinckrodt in going the bankruptcy route to avert opioid crisis-related liabilities and lawsuits.
The company still doesn’t have a settlement agreement in place with plaintiffs in its opioid-related lawsuits, according to the Wall Street Journal.
Rite Aid is facing lawsuits from the federal government, multiple state governments, and private individuals.
The Department of Justice filed suit against Rite Aid back in March, accusing the company of violating the Controlled Substances Act and the False Claims Act.
Rite Aid has some 2,213 locations throughout the United States, pharmacies that could disappear should Rite Aid’s assets be liquidated in bankruptcy proceedings.
Rite Aid will not be the first to go.
The billionaire Sackler family, who were largely considered to have pioneered the use of opioid OxyContin through their company Purdue Pharma, sought legal immunity from opioid-related lawsuits in a $6 billion settlement that was shot down by the Supreme Court earlier this month.
As the opioid lawsuits continue, and Biden’s economy gets even worse, Rite Aid may not survive the storm, becoming one more victim of radical Democrat policies.
