Rite Aid files for bankruptcy, appoints new leadership in financial restructuring initiative
Rite Aid said it secured a $3.45B financing commitment aimed at keeping the company afloat during Chapter 11 bankruptcy
By News on the Net -- Fox Business—— Bio and Archives--October 16, 2023
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Rite Aid Corp. filed for Chapter 11 bankruptcy on Sunday in a financial restructuring effort that included the naming of new leadership as the drug retailer faces lawsuits on accusations of contributing to the opioid crisis.
The company said in a news release it initiated a voluntary court-supervised bankruptcy process after setting goals to reduce debt, increase financial flexibility and "execute on key initiatives" – including the potential sale of Elixir Solutions, an acceleration in determining the best path forward for some of its stores and the resolveof legal disputes in "an equitable manner." ---More...
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