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Walgreen Co. Message Board

  • bozo2600 bozo2600 Jan 11, 2013 4:04 PM Flag

    Letter posted on RAD board saying they are about to file chapter 11

    Dont know if this is an old letter from a couple of years ago or even if it is true or not

    be careful

    HERE IS THE CHAPTER 11 LETTER POST
    by ace_trackers . Dec 7, 2012 11:05 AM . Permalink
    Re: Could RAD file bankruptcy?

    by riteaidjuniorofficer.Dec 6, 2012 9:55 PM.Permalink

    This is an excerpt from an email I have procured. I'm sorry that I cannot detail to you where or how I got the email, I can only assure you that it is very real and very disturbing.

    "Dear Partners,

    Our challenges are consistent with those facing all retail companies, and an increasing number of companies across a variety of industries today. The reality is that we — along with the rest of the country — have very little visibility on where the economy is headed and how our businesses will perform given the recession.

    We will announce that Right Aid will be restructuring its debt under Chapter 11 protection. In the next few weeks I am sure you will be seeing the speculative coverage in the news. I would have preferred everyone get the news from me first, but since our debt is publicly traded, we had to keep this decision confidential until we had a formal board decision.

    So, how did we get here? It has been, to say the least, the perfect storm. A precipitous decline in revenue and a tough economy have coupled with a credit crisis, making it extremely difficult to support our debt. By restructuring our debt, we will reduce the pressure on the company’s operating businesses, enabling us to pursue our vision of creating and operating sustainable, cutting-edge retail drugstores that are valued by our customers, business partners, and that plays a vital role in the communities we serve.

    I am proud of everything we have accomplished at Right Aid throughout the years. I’ve seen strong determination to take hold of this company and put it on a new course. This restructuring will give us the time we need to build that model, to secure sustainable and growing cash flow, and to achieve the success the talented partners in this company deserve.

    Sincerely,

    John T. Standley
    Chairman, CEO, President and Member of Exec. Committee"

    As I said, I have cut out parts of the letter in order to protect my sources, but there's enough there to understand what is about to happen. I can hardly believe it myself. I am a long time employee and am in a state of shock right now.
    ----------------------------------------------------------------------------------------------------------------------------

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