Forbes September 3, 2024
Rite Aid has selected long-time company executive Matt Schroeder as the drugstore chain’s new CEO on the same day the retail pharmacy operator emerged from federal bankruptcy protection.
Rite Aid, which has eliminated $2 billion in debt and said it has “received approximately $2.5 billion in exit financing to support the business going forward,” will operate in 16 states after shedding more than 500 stores during the bankruptcy proceedings.
The drugstore chain, which had been losing money for several years, filed for Chapter 11 bankruptcy protection in October of last year. At that time, the company operated more than 2,200 drugstores across 17 states.
Today, Rite Aid emerges from bankruptcy as a privately held company owned by creditors, operating “more...
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