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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.
On August 23, 2006, The Wall Street Journal announced that Rite Aid would acquire 1,858 Eckerd Pharmacy and Brooks Pharmacy stores from Jean Coutu for US$3.4 billion (~$4.94 billion in 2023). The deal closed on June 4, 2007. Rite Aid announced that the two chains would be converted to the Rite Aid name, retiring the 109-year-old Eckerd banner.
Rite Aid's bankruptcy plan, revised on Thursday, would cut $2 billion in debt and provide $47.5 million to junior creditors, including individuals and local governments who have sued the company ...
Rite Aid Corporation is an American drugstore chain based in Philadelphia, Pennsylvania. [1] It was founded in 1962 in Scranton, Pennsylvania, by Alex Grass under the name Thrift D Discount Center.
In the second quarter of 2005, the company recorded a $19.7 million US foreign exchange loss on items related to the Eckerd acquisition. On August 24, 2006, Rite Aid announced that it would acquire 1,858 Jean Coutu's Eckerd and Brooks U.S. operations for $1.45 billion in cash and issuing stock, giving Jean Coutu a 32% equity stake in Rite Aid. [6]
The Chapter 11 process will help “significantly reduce the company’s debt” while helping to “resolve litigation claims in an equitable […] The post Rite Aid seeks Chapter 11 bankruptcy ...
The company also said it obtained $3.45 billion in fresh financing from some of its lenders, which will help support the company through the Chapter 11 process. Rite Aid says it does not know yet ...
Three years later, Eckerd was in turn purchased by Rite Aid and all locations were rebranded. [14] In 2023, Rite Aid filed for Chapter 11 bankruptcy. [15] Despite shutting down 20 years prior, Genovese Drug Stores was still listed in the filing. [16]