Rite Aid just filed for bankruptcy and could be closing more of its 2,100 stores

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Rite Aid filed for bankruptcy in New Jersey on Sunday.
The pharmacy chain could close more of its 2,100 stores and has named a new CEO.
The company listed estimated assets and liabilities in the range of $1 billion to $10 billion, per a court filing.

Rite Aid filed for voluntary Chapter 11 bankruptcy in New Jersey on Sunday — a move that could see the drugstore chain close more of its 2,100 stores.

In a court filing seen by Insider, the company listed estimated assets and liabilities in the range of $1 billion to $10 billion. Rite Aid has received a commitment for $3.45 billion in new financing from some of its lenders.

Jeffrey S. Stein, the head of a financial advisory firm, has been appointed as the chief executive officer, chief restructuring officer, and a member of the company’s board, effective immediately, according to a company statement.

The current interim CEO, Elizabeth Burr, is to remain on the board.

In March, the US Justice Department sued Rite Aid, accusing the company of missing “red flags” when pharmacists filled opioid prescriptions.

A company spokesperson told the Wall Street Journal: “We expect to negotiate a resolution of the opioid-related lawsuits with the various parties involved.”

“We also intend to resolve our legacy contract disputes, government investigations, and securities matters,” the spokesperson said.

The company employs around 47,000 people. It has closed more than 200 stores in the past two years.

This story is developing. Please check back for updates.

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