Rite Aid files for bankruptcy, announces financial restructuring

Rite Aid filed for Chapter 11 bankruptcy protection on Sunday and announced a new CEO as it takes on financial restructuring, legal complaints.
The drugstore chain operates over 2,100 locations across 17 states.
The company, which reportedly has billions of dollars in debt and is facing more than 1,000 lawsuits claiming it filled illegal prescriptions for painkillers, will close hundreds of stores.

CASE SUMMARY: Rite Aid Aims to 'Significantly' Right-Size Balance Sheet, Rationalize Lease Portfolio Through Dual-Track Comprehensive Restructuring Under RSA With Second Lien Noteholders; March 2024 Emergence Targeted - Reorg

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