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, Bloomberg News reported. 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. U.S. Bankruptcy Judge Michael Kaplan gave the company permission to hire the liquidators during a court hearing held by video on Monday. Since it filed for bankruptcy in October, the company has been closing unprofitable stores while trying to find a buyer for those it hopes to keep open. So far, Rite Aid has rejected about 500 leases while under court protection, company lawyer Warren Usatine said in court on Monday. The company operated more than 2,100 stores when it began the restructuring case, according to court records. The liquidators were hired mainly to satisfy lenders who are financing Rite Aid’s bankruptcy case. The chain is still negotiating with at least two potential buyers on the scope of their bids. Last month, the company agreed to sell its insurance-related business Elixir to MedImpact Healthcare Systems for $575 million after no higher bid came in, court papers show.
