Rite Initiates Voluntary Chapter 11 Process to Implement a Consensual Financial Restructuring, Receives Commitment for $3.45B in New Financing, Taps Jeffrey S. Stein as CEO and Director Succeeding Interim CEO Elizabeth ("Busy") Burr

Rite Aid Corporation (NYSE:RAD) ("Rite Aid" or the "Company") today announced it has reached an agreement in principle with certain of its senior secured noteholders on the terms of a financial restructuring plan that will allow the Company to accelerate its ongoing business transformation. Implementing the contemplated restructuring plan will significantly reduce the Company's debt, increase its financial flexibility and enable it to execute on key initiatives. In connection with this, Rite Aid has initiated a voluntary court-supervised process under Chapter 11 of the U.S. Bankruptcy Code.

Rite Aid is continuing to deliver leading healthcare products and services across its retail and online platforms for the nearly one million customers it serves daily. The Company remains committed to improving health outcomes and delivering on its purpose to help people achieve whole health for life.

The court-supervised process provides an orderly and efficient forum for Rite Aid to:

• Finalize and build consensus for the agreement in principle the Company has reached with certain of its senior secured noteholders;

• Accelerate the Company's store footprint optimization plan;

• Implement a proposed transaction under which MedImpact would acquire Elixir Solutions, subject to the outcome of a court-approved marketing process;

• Access additional liquidity; and

• Resolve litigation claims in an equitable manner.

In connection with this process, Rite Aid has received a commitment for $3.45 billion in new financing from certain of its lenders. This financing is expected to provide sufficient liquidity to support the Company throughout this process.

In a separate press release, Rite Aid today announced the appointment of Jeffrey S. Stein as Chief Executive Officer, Chief Restructuring Officer and a member of the Company's Board of Directors, effective immediately. Mr. Stein is an experienced corporate leader and executive director with significant expertise in supporting companies that are driving meaningful business transformations and undergoing financial restructurings. He succeeds Elizabeth ("Busy") Burr, who has served as Interim CEO since January 2023. Ms. Burr will continue in her role as a Director on the Company's Board.