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Five Below purchases rights to 10 commercial leases out of Rite Aid's chapter 11 cases

September 2025

Client(s) Five Below, Inc.

Jones Day advised Five Below, Inc. regarding its purchase of the designation rights to 10 commercial leases held by New Rite Aid, LLC, a chapter 11 debtor, and certain of its debtor affiliates. A purchaser of designation rights is permitted to instruct the debtor to assume and assign the commercial lease to the purchaser pursuant to section 365 of the Bankruptcy Code. The transaction allows Five Below to open new locations in any of the 10 locations it chooses.

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