Rite Aid Corp. has once again shifted its legal leadership as it moves closer to exiting bankruptcy. Thomas Sabatino Jr., who was brought on roughly a year ago to steer the company through its restructuring process, has departed. In an August 19th securities filing, the company revealed that Christin Bassett has been appointed as the acting general counsel and corporate secretary.
Bassett, a former partner at Reed Smith, was initially brought in by Rite Aid in 2021 to oversee litigation and was later promoted to deputy general counsel. Her LinkedIn profile and the company’s management page confirm her elevation to interim law head following Sabatino’s exit, which occurred the same month the company’s restructuring plan received court approval.
Sabatino’s departure comes at a critical juncture for the company, which filed for Chapter 11 bankruptcy in October 2023 to address mounting liabilities, including those related to opioid prescriptions. Under his tenure, Rite Aid has undertaken significant cost-cutting measures, including store closures and the sale of its Elixir pharmacy benefit manager business, which raised $391 million.
Rite Aid’s extensive legal team, comprising at least 10 law firms, has been actively involved in the bankruptcy case. Philidelphia-based Kirkland & Ellis continues to serve as lead bankruptcy counsel, a role that has seen the firm earn almost $38.4 million to date. Amid these transformations, the company faced additional challenges, such as a June data breach affecting 2.2 million customers, consolidating litigation related to the breach with the assistance of Holland & Knight, and navigating backlash over executive compensation plans.
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