The retailer revamped beauty sections with more indie brands, and store closures could potentially send sales to Amazon or Ulta Beauty, industry experts said.
industry. Rite Aid, the nation’s third-largest drug chain with sales of $24.1 billion across more than 2,300 stores, has been a proponent of launching emergingDwarfed by the size of the two drugstore leaders, Walgreens and CVS, Rite Aid differentiated its beauty mix with beauty lines not always found at competitors.
The chain also announced that Jeffrey Stein was appointed chief executive officer, chief restructuring officer and a member of the board of directors. He succeeds Elizabeth Burr, who has served as interim CEO since January 2023 following the departure of Heyward Donigan, the former president and CEO. Stein has experience in transforming businesses that are undergoing financial restructurings.
Rite Aid said it secured a commitment for $3.45 billion in new financing from certain of its lenders that expected to provide sufficient liquidity to support the company throughout this process. The chain is expected to close some of its stores — some reports peg closures at up to 500 doors.
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