Drug retailer Rite Aid files for bankruptcy, gets $3.45B commitment

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Drug retailer Rite Aid files for bankruptcy, gets $3.45B commitment
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Rite Aid Corp which filed for Chapter 11 bankruptcy on Sunday, said it has received a commitment for $3.45 billion in new financing and named a new CEO, as litigations alleged that the drugstore chain helped fuel the opioid crisis in the US.

Rite Aid has appointed Jeffrey Stein as its new CEO and chief restructuring officer, replacing interim CEO Elizabeth Burr.Rite Aid will close more of its underperforming stores and will transfer employees at impacted stores to other locations where possible, the company said, without providing further details.

The company entered into an agreement with MedImpact Healthcare Systems, where the independent pharmacy benefit solutions firm will acquire the company’s Elixir Solutions business.

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