PYMNTS.com September 3, 2024
Rite Aid has announced a leadership transition as it emerges from Chapter 11 bankruptcy.
Jeffrey S. Stein has stepped down as CEO and chief restructuring officer, while the company’s executive vice president and chief financial officer, Matt Schroeder, has been appointed CEO, the company said in a Tuesday (Sept. 3) press release.
Rite Aid announced its completion of its restructuring process and its emergence from Chapter 11 in another Tuesday press release, saying the company eliminated about $2 billion of total debt, received about $2.5 billion in exit financing and will now operate as a private company, with ownership of the company transitioned to certain creditors.
“I thank Jeff for his dedication and commitment to guiding the company through the...
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