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NEW YORK (Reuters) -A U.S. bankruptcy judge on Friday approved Rite Aid's restructuring plan, allowing the pharmacy chain to cut its debt by $2 billion and turn over control to a group of lenders ...
The company filed for bankruptcy in October, seeking to address its high debt, shut down underperforming retail locations, and sell off non-core business units.
Rite Aid has filed for bankruptcy protection and plans to sell part of its business as it attempts to restructure while dealing with losses and opioid-related lawsuits.
Founded in 1962, Rite Aid employs 45,000 people at more than 2,000 retail stores in 17 states, and will remain open for business during the bankruptcy.
Rite Aid has emerged from federal bankruptcy protection and will operate as a private company. And it has promoted its CFO, Matt Schroeder, to chief executive.
Rite Aid was reported by multiple news outlets to be considering Chapter 11 bankruptcy in September 2023; the pharmacy chain was said to have been petitioning for closures of up to 400 or 500 stores. [228][229][230] On October 15, 2023, Rite Aid officially filed for Chapter 11 bankruptcy, announcing plans to close nearly 100 stores. [231]
Thrifty PayLess, Inc. remained an active subsidiary of Rite Aid (owning stores purchased from Thrifty PayLess), as shown in the company's October 2023 Chapter 11 bankruptcy filings.
September 3, 2024 at 1:42 PM. (Reuters) -Rite Aid will operate as a private company after it successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy, the U.S ...