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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.
Rite Aid is closing 27 more locations as it continues to work through a bankruptcy proceeding, according to a new court filing.
Rite Aid, one of the largest U.S. pharmacy retailers, stumbled under its high debt, revenue declines, increased competition, and opioid litigation, according to its court filings.
On October 15, 2023, amid several opioid lawsuits and legal battles, Rite Aid filed a petition under Chapter 11 of the United States Bankruptcy Code in the United States District Court for the District of New Jersey. [19]
Rite Aid, which had filed for Chapter 11 bankruptcy protection, is now preparing to shed more than 100 stores nationwide as part of its restructuring efforts.
In 2023, Rite Aid filed for Chapter 11 bankruptcy. [3] Despite Thrifty PayLess shutting down 27 years prior to Rite Aid's bankruptcy filing, Thrifty PayLess was still listed in the filing. [4]
After filing for Chapter 11 bankruptcy protection, Rite Aid said it will receive $3.45 billion in new financing to help the company keep remaining stores open and employees paid while it undergoes ...
Rite Aid. Rite Aid Corporation is an American drugstore chain based in Philadelphia, Pennsylvania. [10] It was founded in 1962 in Scranton, Pennsylvania, by Alex Grass under the name Thrift D Discount Center. It is the third-largest drugstore chain in the United States, with over 2,000 stores, and ranked No. 148 in the Fortune 500 in 2022.