Rite Aid filed for Chapter 11 bankruptcy and appointed Jeffrey Stein as its new CEO and CRO as part of a major financial restructuring effort.
Rite Aid Corp. filed for Chapter 11 bankruptcy on Sunday in a financial restructuring effort that included the naming of new leadership as the drug retailer faces lawsuits on accusations of contributing to the opioid crisis.
Stein replaces Elizabeth Burr, who will now serve on the company's board after working as interim CEO since January. "As CEO, CRO, and a member of the Board of Directors, my priorities will include overseeing the actions now underway to strengthen the Company’s financial position and further advance its journey to reach its full potential as a modern neighborhood pharmacy.
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