Rite Aid Rises from Bankruptcy

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Rite Aid Rises from Bankruptcy and Wipes out $2 Billy in Debt

Rite Aid has successfully emerged from bankruptcy, cutting approximately $2 billion in debt and securing around $2.5 billion in exit financing, according to a Tuesday press release.

The pharmacy chain will now function as a private entity under new leadership. Matt Schroeder, who previously served as the company's chief financial officer, will take over as CEO. He succeeds Jeffrey Stein, who had been serving as both CEO and chief restructuring officer during the Chapter 11 proceedings.

Schroeder, who joined Rite Aid in 2000 as vice president of financial accounting, has steadily advanced through the ranks, culminating in his role as CFO. He is the company's fourth CEO since early 2023, following Heyward Donigan’s resignation and the departure of interim CEO Elizabeth Burr at the start of Chapter 11.

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“Matt has demonstrated exceptional leadership and a comprehensive understanding of our business throughout his tenure,” said Bruce Bodaken, Rite Aid’s board chair during Chapter 11. “His proven capabilities make him well-suited to lead the company into its next phase of growth.”

After enduring significant challenges, Rite Aid filed for bankruptcy in October of last year. The company subsequently closed numerous stores as it struggled to finalize mergers with other retailers. Attempts to merge with Walgreens and Albertsons fell through due to regulatory and shareholder issues.

Rite Aid stated on Tuesday that it will emerge as a more robust company with a streamlined store footprint, a more efficient operating model, reduced debt, and enhanced financial resources.