RITE AID FILES FOR BANKRUPTCY
On Monday, Rite Aid filed for Chapter 11 bankruptcy protection after dealing with slow sales, debt and lawsuits. In connection with this process, Rite Aid has received a commitment for $3.45 billion in new financing from certain of its lenders. This financing is expected to provide sufficient liquidity to support the Company throughout this process.
In a separate press release, Rite Aid today announced the appointment of Jeffrey S. Stein as Chief Executive Officer, Chief Restructuring Officer and a member of the Company’s Board of Directors, effective immediately.
