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Rite Aid shareholders have approved the company’s reverse stock split, in a move aimed at boosting the drugstore chain’s shares high enough to continue trading on New York Stock Exchange.
Walgreens Boots Alliance in 2017, forcing Rite Aid to sell a chunk of its stores and leaving the chain with a much smaller footprint than its rivals. Then in 2018, Rite Aid abandoned its planned merger with grocery chain Albertsons amid shareholder opposition, throwing its prospects into question.
The drugstore chain last week said CEO John Standley, Chief Financial Officer Darren Karst and Chief Operating Officer Kermit Crawford would exit the company. Rite Aid also said it would slash about 400 corporate positions, which the company said would result in annual savings of about $55 million.