Thu, Jul 25, 7:39 PM (44 days ago)
Rite Aid Corporation filed an amended Form 10-Q/A for the quarter ended September 2, 2023, addressing a material weakness in internal control over financial reporting related to closed store liabilities. This amendment includes revised financial statements for previous periods to correct an immaterial misstatement. The company reported a net loss of $1,009,794 for the quarter, driven by high facility exit and impairment charges, goodwill and intangible asset impairments, and restructuring-related costs. Rite Aid's common stock was delisted from the NYSE and began trading OTC. The company filed for Chapter 11 bankruptcy on October 15, 2023, to facilitate a financial restructuring, including debtor-in-possession financing arrangements totaling $3.45 billion. The restructuring plan involves significant changes to debt obligations and potential asset sales, including a stalking horse agreement to sell Elixir assets for $575 million. The company faces substantial uncertainties and risks related to the bankruptcy proceedings and its ability to continue as a going concern.