Rite Aid Gets OK To End Former Queens Store Lease

By Ben Zigterman · February 21, 2024, 6:23 PM EST

Rite Aid Corp. was given permission Wednesday to reject a lease and sublease for a former store in Queens, New York, after a New Jersey bankruptcy judge found that doing so...

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Bankruptcy Scorecard

Summary

Bankrupt drugstore chain Rite Aid filed for Chapter 11 Oct. 15 with plans to close more retail locations, sell its pharmacy benefits manager business and shed some of its $4 billion of total funded debt. A New Jersey bankruptcy judge in June agreed to approve its Chapter 11 plan to pay $2.6 billion in term and asset-based loans in cash, exchange $1.2 billion in senior notes for equity and set up a recovery fund for some 1,600 opioid claims that includes $43 million in cash and 10% equity in the reorganized company.

Case Number

3:23-bk-18993

Judge

Michael B. Kaplan

Venue

U.S. Bankruptcy Court for the District of New Jersey

Capital Structure

Total Liabilities:

$4 billion

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Related Sections

Case Information

Case Title

Rite Aid Corporation

Case Number

3:23-bk-18993

Court

New Jersey

Nature of Suit

Date Filed

October 15, 2023

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