Rite Aid filed for voluntary Chapter 11 bankruptcy on Sunday following slumping sales and a series of lawsuits.
Rite Aid, which has over 47,000 employees, has struggled in recent years to compete against larger peers like CVS and Walgreens Boots Alliance, as well as Amazon.
Rite Aid has faced growing competition from direct-to-consumer pharmacy startups as well as medication deliveries from the likes of Amazon and Uber.
Rite Aid also experienced supply chain challenges after changing supplier for many of its perishable consumer goods and shrink "continued to be a significant headwind," Burr said.
Representatives for Rite Aid did not immediately respond for Insider's request for further comment beyond sending statements about Stein's appointment and its Chapter 11 bankruptcy filing.
Persons:
it's, —, Jeffrey S, Stein, Elizabeth Burr, Heyward Donigan, Donigan, Burr, there'd
Organizations:
Service, Rite, Walgreens Boots Alliance, Rite Aid, pharma, Aid, Discount, Rite Aid Corporation, PayLess, Walgreens, Albertsons, New York Times
Locations:
New Jersey, Scranton , Pennsylvania