Rite Aid Files for Bankruptcy, Faces Potential Store Closures

Rite Aid Files for Bankruptcy, Faces Potential Store Closures

ByAudInsights.blog

Rite Aid, a drugstore chain with 2,100 stores, has filed for voluntary Chapter 11 bankruptcy in New Jersey. This move may result in the closure of more of its stores. According to court filings, the company estimates its assets and liabilities to be in the range of $1 billion to $10 million. To support its operations, Rite Aid has secured $3.45 billion in new financing from certain lenders.

A financial advisory firm, led by Jeffrey S. Stein, will step in as the new Chief Executive Officer, Chief Restructuring Officer, and board member. The interim CEO, Elizabeth Burr, will continue to serve on the board.

Rite Aid has faced legal issues, including a lawsuit from the US Justice Department alleging negligence in handling opioid prescriptions. The company intends to resolve these matters along with legacy contract disputes, government investigations, and securities issues.

Over the past two years, Rite Aid has closed more than 200 stores and currently employs approximately 47,000 people.

Stay tuned for further updates on this developing story.

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Source: Rite Aid just filed for bankruptcy and could be closing more of its 2,100 stores

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