{"id":73790,"date":"2023-10-17T22:20:21","date_gmt":"2023-10-18T02:20:21","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/rite-aids-stock-tumbles-55-to-join-its-cratering-bonds-after-bankruptcy-filing\/"},"modified":"2023-10-17T22:20:24","modified_gmt":"2023-10-18T02:20:24","slug":"rite-aids-stock-tumbles-55-to-join-its-cratering-bonds-after-bankruptcy-filing","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=73790","title":{"rendered":"Rite Aid\u2019s stock tumbles 55% to join its cratering bonds after bankruptcy filing"},"content":{"rendered":"
\n

Rite Aid Corp.\u2019s stock tumbled 55% Tuesday, falling to 30 cents, after resuming trade following a halt on Monday. The stock was halted after the company filed for bankruptcy amid mounting piles of debt-related to opioid lawsuits.<\/p>\n

The company\u2019s bonds were also sold off heavily, as the following charts from data solutions provider BondCliQ Media Solutions show. <\/p>\n

\n

The sea of red shows sustained selling throughout the day.<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n
<\/div>\n<\/figure><\/div>\n

The next chart shows the price movement in the most active bond, the 7.70% unsecured bonds that mature in February of 2027, on Friday and captures Sunday\u2019s announcement.<\/p>\n

Those notes were issued as 30-year bonds in December of 1996 with a spread of 100 basis points over the 30-year Treasury note at the time.<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n
\n \"\"\n <\/div>\n<\/figure><\/div>\n

Rite Aid
\n RAD<\/span>
\n had been under pressure for months, and the Wall Street Journal reported in August that Rite Aid\u00a0RAD\u00a0was more than\u00a0$3.3 billion in debt, due largely to hundreds of lawsuits related to its distribution of opioid painkillers. The bankruptcy filing stays pending litigation against the company. <\/p>\n

The retailer will close more of its network, which currently sits at 2,100 stores. Jeffrey Stein, a restructuring expert, will become chief executive. <\/p>\n

Read also:<\/strong> As Rite Aid closes some pharmacies, neighborhoods could lose a \u2018pivotal\u2019 piece of America\u2019s health system<\/p>\n

Outside of its litigation challenges, the company has also seen several years of net losses, for a total of $2 billion over the last five years. Rite Aid was created in 1962 as a single store in Scranton, Pennsylvania. <\/p>\n

The company\u2019s total outstanding debt comes to $4.1 billion. Rite Aid said Sunday that lenders will provide $3.45 billion in financing for the chain to continue operating through the Chapter 11 bankruptcy process.<\/p>\n

Read now:<\/strong> The big bet: Can retail pharmacy chains remake themselves into healthcare providers?<\/p>\n

Related: <\/strong>Best Buy becomes the latest retailer to enter the healthcare space<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Rite Aid Corp.\u2019s stock tumbled 55% Tuesday, falling to 30 cents, after resuming trade following a halt on Monday. The stock was halted after the company filed for bankruptcy amid mounting piles of debt-related to opioid lawsuits. The company\u2019s bonds were also sold off heavily, as the following charts from data solutions provider BondCliQ Media […]<\/p>\n","protected":false},"author":1,"featured_media":73791,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-73790","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nRite Aid\u2019s stock tumbles 55% to join its cratering bonds after bankruptcy filing | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Rite Aid Corp.\u2019s stock tumbled 55% Tuesday, falling to 30 cents, after resuming trade following a halt on Monday. 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