Drugstore Chain Rite Aid Filed For Chapter 11 Bankruptcy Protection

Rite Aid Files For Bankruptcy AmidSlumping Sales and Opioid Suit

Rite Aid, the drugstore chain, filed for Chapter 11 bankruptcy protection in New Jersey and named Jeffrey Stein as the new CEO to oversee the company's restructuring efforts.

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The company has secured an agreement with creditors for a restructuring plan, involving a review of its retail presence and the closure of poorly performing stores.

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Lenders have consented to offer $3.45 billion in fresh funding to ensure ample liquidity as Rite Aid commences its restructuring strategy.

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