In connection with the court-supervised process, Rite Aid said it intends to close certain underperforming stores to reduce rent expenses further and strengthen overall financial performance.
Rite Aid has received a commitment for $3.45 billion in new financing; names Jeffrey Stein as CEO, succeeding Elizabeth Burr, who has served as interim CEO since January 2023.
The retailer’s common stock will continue to be listed and traded on the NYSE during the 'cure periods,' subject to the company’s compliance with other continued listing requirements.