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Joele Frank handles Rite Aid as the drug store chain files for bankruptcy for the second time in 18 months.
It claims to be in active discussions with several potential buyers, and says it has obtained $1.9B in financial commitments to support a smooth transition through the Chapter 11 proceedings.
Matt Schroeder, Rite Aid CEO, said financial challenges and the rapidly changing retail and healthcare landscape drove the company into bankruptcy again.
He is encouraged by takeover interests of the troubled company exhibited by national and regional suitors.
Schroeder said his key priorities "are ensuring uninterrupted pharmacy services for our customers and preserving jobs for as many associates as possible.”
Rite Aid emerged from its first Chapter 11 on Sept. 3, 2024, calling it “a new beginning as a stronger company with a rightsized store footprint, more efficient operating model, significantly less debt and additional financial resources.”
Joele Frank, Wilkinson Brimmer Katcher has Meaghan Repko, Aura Reinhard, Richard Goldman and Carleigh Roesler handling the current Chapter 11.
It also worked the first bankruptcy that was filed on Oct. 15, 2023.
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