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Emerged out of bankruptcy
- Retail pharmacy chain Rite Aid has emerged out of bankruptcy after slashing about $2 billion from its debt, the company announced last week. The company also added about $2.5 billion in exit financing to support the business going forward, Rite Aid said.
www.fiercehealthcare.com/retail/rite-aid-emerges-bankruptcy-25b-exit-financing-and-new-ceo-helm
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Will Rite Aid come out of Chapter 11?
Jun 28, 2024 · A U.S. bankruptcy judge on Friday approved Rite Aid 's restructuring plan, allowing the pharmacy chain to cut $2 billion in debt and turn over control of the company to a group of its lenders.
- Giulia Carbonaro
- 1 min
- Struggling Sales. According to a court filing with the U.S. Bankruptcy Court for the District of New Jersey, Rite Aid was facing $8.6 billion in debt as of June 3, while listing total assets for $7.65 billion.
- Opioid Lawsuits. Rite Aid is one of several pharmacy chains which have been accused of being involved in the U.S. opioid crisis, which has claimed thousands of lives in recent years.
- Rising Crime in Stores. Another factor that is likely to have played a part in Rite Aid's recent move is a rise in crime in its stores, especially in New York City.
Sep 4, 2024 · PHILADELPHIA (CBS) -- Months after pharmacy chain Rite Aid filed for bankruptcy and got fresh financing amid struggling sales and opioid-related lawsuits, the company says it has completed...
- joseph.brandt@paramount.com
- 24 sec
- Digital Content Producer, CBS Philadelphia
Sep 3, 2024 · Rite Aid will operate as a private company after it successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy, the U.S. drugstore chain said on Tuesday.
Sep 9, 2024 · Like a hopeful patient emerging from an extended surgery, Rite Aid formally exited bankruptcy last Tuesday with less debt, fewer stores and a court-approved plan, dubbed Rite Aid 2.0, to get...
Mar 26, 2024 · Rite Aid 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 received bankruptcy court...
