'Rightsized' Rite Aid emerges from bankruptcy after creditors buy company

Pharmacy chain Rite Aid announced this week that it has emerged from Chapter 11 bankruptcy as the company was sold to its creditors.Rite Aid said it secured $2.5 billion in funding, and was able to use that funding to eliminate nearly $2 billion in debt. In the process, Rite Aid has shuttered numerous stores across the U.S.RELATED STORY | Walgreens closing numerous stores amid 'challenging' retail environmentThe company also said it has adopted a more efficient operating model.

“We are grateful for the ongoing support of our customers, associates and partners, and we look forward to continuing to provide leading pharmacy services designed to improve health and wellness outcomes across the communities we serve. I am excited about Rite Aid’s future as it continues to focus on executing its strategy and delivering for its customers and stakeholders.

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US pharmacy chain Rite Aid to operate as a private company as it emerges from bankruptcyRite Aid will operate as a private company after it successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy, the U.S. drugstore chain said on Tuesday.
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