Pharmacy Chain Looks To Reject Leases
Summary:
Rite Aid, a pharmacy chain, has filed for Chapter 11 bankruptcy protection due to significant debt and opioid-related litigation. The company received a commitment of $3.45 billion from creditors and lenders to support its operations and financial restructuring. The bankruptcy is expected to result in the closure of hundreds of Rite Aid stores. The filing will address the opioid-related lawsuits and help the company optimize its store footprint, with plans to close underperforming stores. Jeffrey Stein has been appointed as the new CEO and chief restructuring officer. Rite Aid has been struggling financially, with ongoing losses and a substantial debt burden.