Rite Aid Blames Failed Turnaround on Empty Store Shelves
Rite Aid blamed its failed turnaround and swift return to bankruptcy on its inability to keep store shelves stocked and a shift by its lower-income customers purchasing household goods at cheaper competitors.
Store shelves were understocked because Rite Aid anticipated having access to $166 million from replacement credit facilities, along with other sources of cash. But certain lenders 'delayed and in some cases walked away' from their earlier assurances to the company about the terms and timing of the facilities, Rite Aid adviser Marc Liebman said in a Tuesday court filing.
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