Drug store chain Rite Aid filed for Chapter 11 bankruptcy on Sunday.

The move, which could reportedly lead to the closure of as many as 500 stores, will also halt lawsuits the chain faces over its alleged role in the U.S. opioid crisis, Reuters reported. The suit lists assets of $7.65 billion with debts of $8.6 billion along with a commitment of $3.45 billion in new financing.

“Rite Aid is continuing to deliver leading healthcare products and services across its retail and online platforms for the nearly one million customers it serves daily. The company remains committed to improving health outcomes and delivering on its purpose to help people achieve whole health for life,” the chain said in a statement.

Rite Aid also announced it had appointed Jeffrey Stein as CEO, replacing Elizabeth Burr who served as interim CEO since January.

READ MORE: Rite Aid plans to close hundreds of stores as part of bankruptcy, reports say

Store closures

In a statement, Rite Aid said it will “continue assessing its footprint and close additional underperforming stores.

“The company is making every effort to ensure customers of impacted stores have access to health services, whether at another Rite Aid or a nearby pharmacy, and will work to transfer prescriptions accordingly so that there is no disruption of services. The company will also transfer associates at impacted stores to other Rite Aid locations where possible,” the statement noted.

No announcement was made regarding which stores could be impacted.

Rite Aid operates about 2,000 stores across 17 states.