Consumer
Rite Aid Hires Liquidators While Talks With Possible Buyers Drag On
- Liquidation consultants have narrow job during sale process
- Company has delayed an auction of the chain four times
A Rite Aid store in Kingston, New York.
Photographer: Angus Mordant/BloombergThis article is for subscribers only.
Bankrupt pharmacy chain Rite Aid Corp. hired liquidators at the request of company lenders even as the retailer continues negotiating with at least two potential buyers, a person familiar with the chain’s revival efforts said.
Two liquidation consultants — Hilco Merchant Resources and SB360 Capital Partners — will help the company run going-out-of-business sales for any stores to be shuttered. US Bankruptcy Judge Michael Kaplan gave the company permission to hire the liquidators during a court hearing held by video on Monday.