A&G Real Estate Partners has listed nearly 1,200 retail leases and 50 fee-owned properties in 15 states as part of the bankruptcy proceedings for Rite Aid. The pharmacy chain is attempting to sell its entire business in short order.
Reuters reported that U.S. Bankruptcy Judge Michael Kaplan on Wednesday approved Rite Aid’s request for an expedited sale at a court hearing in Trenton, NJ, saying that Rite Aid needs to quickly line up buyers in order to ensure the seamless transfer of prescription services for its eight million customers.
Under the sale procedures approved by Kaplan, bids for Rite Aid’s pharmacy assets are due by May 13, and Rite Aid will seek final approval of one or more sales at a May 21 court hearing, according to Reuters. The company entered bankruptcy with debt exceeding $2 billion, and cited poor performance in its retail business, making it difficult to maintain sufficient cash flow and restock its retail inventory.
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