Melissa Repko is a retail and consumer reporters for CNBC.com.
Rite Aid filed for Chapter 11 bankruptcy protection in New Jersey on Sunday and said it would begin restructuring to significantly reduce its debt. The company appointed Jeffrey Stein as its new chief executive officer and chief restructuring officer as well as a member of its board. Elizabeth Burr had been serving as interim CEO since January and will remain on the company’s board.
Drugstores like Rite Aid have faced an existential crisis as shoppers increasingly turn to retailers like Amazon, Target, Walmart and others for toothpaste, shampoo and other staples — often at a cheaper price and with the convenience of delivery to customers’ doors. Rite Aid has also struggled to keep up with its bigger rivals, CVS and Walgreens, as those companies have pivoted to a health care focus and made sizable investments to match.
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Rite Aid files for bankruptcy amid slowing sales, opioid litigationDrugstore chain Rite Aid filed for bankruptcy as it faces a mounting debt pile, slowing sales and lawsuits alleging it oversupplied painkillers.
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Rite Aid files for bankruptcy amid slowing sales, opioid litigationDrugstore chain Rite Aid filed for bankruptcy as it faces a mounting debt pile, slowing sales and lawsuits alleging it oversupplied painkillers.
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Debt-ridden Rite Aid files for bankruptcy, will close more storesDrugstore chain Rite Aid Corp. filed for bankruptcy Sunday, as it faces billions of dollars of debt related to opioid lawsuits.
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Drug retailer Rite Aid files for bankruptcy protectionRite Aid Corp (RAD.N) filed for Chapter 11 bankruptcy on Sunday, as it comes under pressure from lawsuits alleging that the drugstore chain helped fuel the opioid crisis in the United States.
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Drug retailer Rite Aid files for bankruptcy protectionDrug retailer Rite Aid files for bankruptcy protection
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Rite Aid files for bankruptcy, will close more stores: reportAccording to the WSJ, Rite Aid will close more of its stores and plans to name a new chief executive. Interim CEO Elizabeth Burr will remain on the company's...
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