Rite Aid Files for Bankruptcy 8 Months After Exiting Chapter 11

Retail
Written By Rick Watson

Rite Aid is an American drugstore company that provides consumers with health and wellness products and services. In addition to filling prescriptions and selling over-the-counter remedies, Rite Aid also sells cosmetics, groceries, stationery supplies, hygiene and grooming supplies, and other basic consumer goods.

Rite Aid, a drugstore retailer, has voluntarily filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court for the District of New Jersey. The company is in active discussions with potential acquirers and is using the Chapter 11 process to pursue a sale of its prescriptions, pharmacy, and front-end inventory, and other assets. It has secured commitments from certain existing lenders to access $1.94 billion in new financing. Per court documents, an auction is set for May 14 for the pharmacy assets and June 20 for other assets. Who is buying Rite Aid? Walgreens cannot and CVS is downsizing.

Retail Dive: Rite Aid files for bankruptcy 8 months after exiting Chapter 11

Rick Watson

Rick Watson founded RMW Commerce Consulting after spending 20+ years as a technology entrepreneur and operator exclusively in the eCommerce industry with companies like ChannelAdvisor, BarnesandNoble.com, Merchantry, and Pitney Bowes.

Watson’s work today is centered on supporting investors and management teams incubating and growing direct-to-consumer businesses. Most recently, in partnership with WHP Global, Rick was a critical resource in architecting the WHP+ platform, a new turnkey direct to consumer digital e-commerce platform that powers AnneKlein.com and JosephAbboud.com.

Watson also hosts a weekly podcast, Watson Weekly, where he shares an unbiased, unfiltered expert take on the retail sector’s biggest players.

In the past year alone, Rick has spoken at many in-person and virtual events as well as podcasts on topics ranging from retail/ecom to supply chain/logistics and even digital grocery including CommerceNext IRL, ASCM Connect, and Retail Innovation Conference.

https://www.rmwcommerce.com/
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