Becker's Healthcare May 6, 2024
Rite Aid has shuttered more than 520 locations since it filed for Chapter 11 bankruptcy in October, Bloomberg reported May 3.
Here are five things ASCs need to know:
1. Of the closures, 103 are in Pennsylvania, 101 are in California and 61 are in New York, according to Bloomberg.
2. Although the company is working on a deal with bondholders to exit bankruptcy, the closures are one-fourth of the 2,111 stories it operated in October. According to the report, bondholders have agreed to provide the company $57 million in exchange for exiting Chapter 11.
3. CEO Jeffrey Stein said in October that Rite Aid was “burdened by unprofitable stores” and could exit leases only through Chapter 11,...
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