Rite Aid emerges from Chapter 11 bankruptcy as private company

Rite Aid announced on Wednesday that the company had completed its financial restructuring and is emerging from bankruptcy as a private company.

"Emergence is a pivotal moment in Rite Aid's history, enabling it to move forward as a significantly transformed, stronger, and more efficient company," said CEO and Chief Restructuring Officer Jeffrey Stein in an online statement.

Officials say Rite Aid, which has its headquarters in Philadelphia, eliminated roughly $2 billion of total debt and received about $2.5 billion in exit financing to support the business going forward.

Additionally, Rite Aid will now operate as a private company, officials announced.

Rite Aid initially filed for Chapter 11 bankruptcy protection in October 2023.

In April 2024, Action News reported that nearly 80 pharmacies in Pennsylvania had closed since the beginning of the year.

"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," said Stein.