Rite Aid comes out of Chapter 11 bankruptcy

The Rite Aid Corporation said it has successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy, cutting about $2 billion worth of total debt and adding $2.5 billion in exit financing.

The company said it would now have a “rightsized store footprint, more efficient operating model, significantly less debt and additional financial resources.”

In connection with the emergence, Rite Aid will operate as a private company. Ownership of the company transitioned to certain Rite Aid creditors, and all of the company’s existing common shares were canceled in anticipation of the reorganization plan.

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