Rite Aid Sells Pharmacy Assets To Several Retailers
Rite Aid has reached agreements with several retailers to transition pharmacy assets, while also selling many of its Rite Aid and Bartell Drugs locations in the Pacific Northwest to CVS.
The pharmacy assets for more than 1,000 stores across the U.S. will be transitioned to CVS Pharmacy, Walgreens, Albertsons, Kroger, and Giant Eagle, among others. The aforementioned stores being acquired by CVS are in Washington, Oregon, and Idaho.
During the company’s transition, Rite Aid stores will remain open, and customers can continue to access their pharmacy services, including prescription refills and immunizations, without interruption.
“A key priority for Rite Aid is to ensure that as many of our loyal customers as possible continue to receive the pharmacy services and care they require without interruption,” said Matt Schroeder, CEO of Rite Aid. “These agreements ensure our pharmacy customers will experience a smooth transition while preserving jobs for some of our valued team members.”
The sale transactions are subject to approval by the U.S. Bankruptcy Court for the District of New Jersey. The Court is currently scheduled to conduct a hearing to approve the sales on May 21. Upon approval, the sales will remain subject to certain regulatory notices and approvals, and other customary closing conditions.
In early May, Rite Aid, for the second time in 17 months, filed for Chapter 11 bankruptcy protection and announced it was putting the company up for sale. The company said stores will remain open, and Rite Aid officials are working to facilitate a transfer of customer prescriptions to other pharmacies. The company also intends to divest or monetize any assets that are not sold through the court-supervised process.
