Rite Aid filed for Chapter 11 bankruptcy protection on Sunday and announced a new CEO as it takes on financial restructuring, legal complaints.
that the company had reached an agreement with creditors on the terms of its financial restructuring plan that will "increase its financial flexibility" and "significantly reduce" its existing debt.
In its press release Sunday, the company stated it will "resolve litigation claims in an equitable manner."Rite Aid says it employs more than 6,100 pharmacists and operates over 2,100 retail pharmacy locations across 17 states. "The Company is making every effort to ensure customers of impacted stores have access to health services, whether at another Rite Aid or a nearby pharmacy, and will work to transfer prescriptions accordingly so that there is no disruption of services," the company stated. Rite Aid "will also transfer associates at impacted stores to other Rite Aid locations where possible."
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