Months after Rite Aid filed for bankruptcy, the drug store chain says it has completed its restructuring.

Rite Aid has emerged from bankruptcy and is now a privately held company, according to a news release.

The bankruptcy process has eliminated some $2 billion in debt, with approximately $2.5 billion in exit financing that will be used for future operations.

“Emergence is a pivotal moment in Rite Aid’s history, enabling it to move forward as a significantly transformed, stronger and more efficient company,” said Jeffrey S. Stein, Rite Aid’s Chief Executive Officer and Chief Restructuring Officer, in a press release. “We are grateful for the ongoing support of our customers, associates and partners, and we look forward to continuing to provide leading pharmacy services designed to improve health and wellness outcomes across the communities we serve. I am excited about Rite Aid’s future as it continues to focus on executing its strategy and delivering for its customers and stakeholders.”

Rite Aid has closed 131 stores in 2024 since it first filed for Chapter 11 bankruptcy in October 2023.