Rite Aid Completes Restructuring, Names CEO

Dow Jones09-04

By Connor Hart

Rite Aid has named a new top executive after completing its financial restructuring and emerging from Chapter 11.

The drugstore operator on Tuesday named Matt Schroeder, who most recently served as chief financial officer, as CEO. He succeeds Jeffrey Stein, who joined the company as CEO and chief restructuring officer to lead the court-supervised Chapter 11 process.

Through that process, the Philadelphia company has eliminated about $2 billion of total debt and received about $2.5 billion in exit financing to support the business going forward.

Rite Aid will now operate as a private company, with ownership having transitioned to certain creditors and all of its existing common shares having been canceled.

The company said the emergence marks a new beginning as a stronger company with a rightsized store footprint, more efficient operating model, significantly less debt and additional financial resources.

Kirkland & Ellis served as Rite Aid's legal adviser, Guggenheim Securities served as investment banker and Alvarez & Marsal served as transformation officer and financial adviser.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

September 03, 2024 12:33 ET (16:33 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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