PHILADELPHIA – Rite Aid Corp and its subsidiaries commenced voluntary Chapter 11 proceedings last week in the U.S. Bankruptcy Court for the District of New Jersey. During this process, Rite Aid customers may continue to access pharmacy services and products in stores and online, including prescriptions and immunizations.

In connection with the sale process and court-supervised proceedings, the Company is working to facilitate a smooth transfer of customer prescriptions to other pharmacies. Rite Aid employees are assisting with this process and will continue to receive pay and benefits.

“For more than 60 years, Rite Aid has been a proud provider of pharmacy services and products to our loyal customers,” said Matt Schroeder, CEO of Rite Aid. “While we have continued to face financial challenges, intensified by the rapidly evolving retail and healthcare landscapes in which we operate, we are encouraged by meaningful interest from a number of potential national and regional strategic acquirors. As we move forward, our key priorities are ensuring uninterrupted pharmacy services for our customers and preserving jobs for as many associates as possible.

“I will be forever grateful to our thousands of associates for their commitment to Rite Aid and its mission, and I thank our entire team – from store associates to corporate employees – for their dedication to our customers and our company,” Schroeder continued. “With their support, we have played a critical role in supporting the healthcare needs of countless Americans across the communities that we are honored to serve.”

To support Rite Aid during its sale process, which it intends to conduct under section 363 of the U.S. Bankruptcy Code, the Company has secured commitments from certain of its existing lenders to access $1.94 billion in new financing. This financing, along with cash from operations, is expected to provide sufficient funding during the sale and court-supervised process.