October 20, 2023
Rite Aid Corp. announced plans this week to sell 78 Rite Aid and Bartell Drugs pharmacy leases, along with 21 fee-owned properties, as part of the company's sprawling bankruptcy case in New Jersey.
October 19, 2023
Rite Aid Corp. will pay two new directors $50,000 per month to sit on the board of the bankrupt drugstore chain after awarding them $200,000 each for roughly three months of consulting work, the company said in a regulatory filing Thursday.
October 19, 2023
Pharmacy chain Rite Aid Corp. says its Chapter 11 bankruptcy filing Sunday has put at risk its ability to continue operating its business — citing in a quarterly report "substantial doubt" about whether it can "continue as a going concern."
October 18, 2023
Until recently, it would have been surprising if Rite Aid Corp. chose to file its $7.65 billion bankruptcy in New Jersey over the two other prominent courts nearby that handle most megacases. But that's exactly what the drugstore chain did on Sunday, likely lured by New Jersey's roster of experienced judges, corporate-friendly rulings and convenient location, lawyers told Law360.
October 17, 2023
Rite Aid Corp. struck a tentative deal on Tuesday with its key supplier, McKesson Corp., paving the way for the bankrupt drugstore chain to continue getting $9 billion of medicines annually and clearing an important early hurdle in its Chapter 11 case in New Jersey.
October 16, 2023
Bankrupt drugstore chain Rite Aid won initial approval from a New Jersey judge on Monday to tap into some of its $3.45 billion financing package while it seeks buyers for its retail and pharmacy management businesses on a quick timeline to try to avoid more layoffs.