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Joele Frank is handling the bankruptcy filing of Rite Aid as the company seeks reorganization after years of heavy losses, failed mergers and exposure to hundreds of opioid-related lawsuits, according to the Wall Street Journal.
Rite Aid contends Chapter 11 protection will enable it to optimize its footprint (e.g., close lots of its 2,100 retail outlets), slash debt, and deliver on its promise to help people achieve whole health for life.
With the reorg, Rite Aid has named Jeffrey Stein CEO and chief restructuring officer. He helms Stein Advisors, which has worked the reorganizations of Whiting Petroleum, Westmoreland Coal, Liberty Steel Group and Philadelphia Energy Solutions.
Stein takes over for interim Rite Aid CEO Elizabeth “Busy” Burr.
Rite Aid employs about 47K people.
Joele Frank, Wilkinson Brimmer Katcher has Michael Freitag, Meaghan Repko, Aaron Palash, Aura Reinhard, Charlotte Burch and Nick Jannuzzi working the Rite Aid business.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
