The company's announcement Sunday said that it had named Jeffrey Stein as its new chief executive officer and chief restructuring officer as well as a member of its board.
Rite Aid filed for Chapter 11 bankruptcy protection on Sunday in New Jersey after failing to find the money to settle hundreds of federal, state and private lawsuits alleging it oversupplied prescription painkillers., filed a notice to the US Securities and Exchange Commission that it would be unable to file its latest quarterly financial report because it was looking at “strategic alternatives.
Meanwhile, the company said it will be “assessing its footprint and close additional underperforming stores,” which threatens some of the roughly 47,000 jobs at the company. Rite Aid operates 2,100 stores across 17 states.Both Walgreens and CVS have surpassed it in sales, and its net losses have topped $2 billion over the last five years, the story said. Its number of stores has almost been cut in half over the past 10 years.
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