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(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. drugstore chain said on Tuesday.
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 has obtained more than $100 million in financing to exit the bankruptcy proceedings, but the latest closure announcements suggest it still faces hurdles in getting official approval to do so.
Rite Aid, one of the largest U.S. pharmacy chains, received permission from a U.S. judge on Thursday to begin voting on a bankruptcy restructuring plan that would turn over most of the company's ...
On November 21, a bankruptcy judge ordered Rite Aid to fully reorganize its operations by March 1, 2024. Rite Aid warned that if it failed to fully reorganize by the deadline, the company could face liquidation. [76] On November 29, Rite Aid announced the closure of 30 additional stores that would close by December 2023. [77]
Rite Aid has $4 billion in debt, $8.6 billion in total liabilities and $7.65 billion in assets, according to court filings in the U.S. Bankruptcy Court for the District of New Jersey.
Rite Aid, the third-largest U.S. drugstore chain, filed for Chapter 11 bankruptcy protection Sunday, and it's likely the company will close a big chunk of its 2,000 stores. ... “You go into the ...
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. [ 246 ] [ 247 ] [ 248 ] On October 15, 2023, Rite Aid officially filed for Chapter 11 bankruptcy, announcing plans to close nearly 100 stores. [ 249 ]