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Rite Aid said in court papers that junior creditors would be receiving $47.5 million as a "gift," which would not have been possible without the settlements with higher-priority creditors.
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. It is the third-largest drugstore chain in the United States, with roughly 1,250 stores in 15 U.S. states, primarily on the East and West coasts.
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 regularly assesses its retail footprint to ensure we are operating efficiently while meeting the needs of our customers, communities, associates and overall business,” the retailer ...
Rite Aid is closing 27 more locations as it continues to work through a bankruptcy proceeding, according to a new court filing. The store locations are in Ohio and Michigan.
Rite Aid is in much worse financial shape than its competitors. Over the past six years, Rite Aid has tallied nearly $3 billion in losses. While it has secured $3.5 billion in financing and debt ...
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]
The Rite Aid logo is displayed outside a Ride Aid store on December 21, 2022 in Los Angeles, California. (Photo by Mario Tama/Getty Images) (Mario Tama via Getty Images)