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.