TOLEDO, Ohio — It appears at least one Toledo Rite Aid location will be closing its doors as the drugstore's parent company faces financial trouble.
A person who answered the phone at the Rite Aid on the corner of Glendale Ave. and Detroit Ave. in south Toledo confirmed the store will be closing in the coming days.
A sign posted on the storefront says the store will be moving operations to the Rite Aid location on Heatherdowns Ave. starting on September 7.
The Wall Street Journal reported on Friday that the company is preparing to file for Chapter 11 bankruptcy amid lawsuits related to the company’s alleged role in the sales of opioids in recent years but it is unclear if the closure is related.
The Wall Street Journal reports that, by declaring bankruptcy, Rite Aid is seeking to halt a multitude of federal and state-level lawsuits, including one from the city of Toledo, for their alleged role in the opioid epidemic.
In March 2023, the U.S. government sued Rite Aid, claiming the company “missed obvious red flags” in filling illegal prescriptions for controlled substances, including opioids.
A bankruptcy ruling would allow the company to settle to resolve the lawsuits in a single forum.
Rite Aid's stock is down almost 80% since the beginning of the year.
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