Shares of Rite Aid plunged by about 50% after The Wall Street Journal reported the drugstore chain is preparing to file for chapter 11 bankruptcy in the coming weeks.
The bankruptcy is to address the federal and state lawsuits the drugstore chain is facing over its alleged role in the sale of opioids, the Journal reported. The stock was recently trading at around 72 cents per share.
Friday’s share price decline was the largest ever intraday, and the shares are currently trading at a record low, according to Dow Jones Market Data.
