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

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Justin Boggs is a writer for the E.W. Scripps company. Justin covers anything from politics to sports and entertainment.

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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