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-Rite Aid Corp, which filed for Chapter 11 bankruptcy on Sunday, said it has received a commitment for $3.45 billion in new financing and named a new CEO, as litigations alleged that the drugstore chain helped fuel the opioid crisis in the U.S.
Rite Aid has appointed Jeffrey Stein as its new CEO and chief restructuring officer, replacing interim CEO Elizabeth Burr. Stein has been appointed to the company's board and Burr will also remain on the board, it said. The company operates more than 2,000 retail stores across 17 states in the U.S., although it is much smaller than its rivals such as Walgreens Boots Alliance and CVS Health.
The company entered into an agreement with MedImpact Healthcare Systems, where the independent pharmacy benefit solutions firm will acquire the company's Elixir Solutions business. MedImpact will serve as the 'stalking horse bidder' in a court-supervised sale process, Rite Aid said.
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