Rite Aid exits Chapter 11 bankruptcy as a private company, reducing debt and store count, with a new CEO.

Rite Aid has emerged from Chapter 11 bankruptcy as a private company after successfully restructuring its finances. The company eliminated about $2 billion in debt and secured $2.5 billion in exit financing. It closed over 500 stores and transitioned ownership to certain creditors. Matt Schroeder, previously CFO, replaces Jeffrey Stein as CEO. Rite Aid now operates over 1,700 pharmacies in 16 states, aiming for a more streamlined business model.