financetom
Business
financetom
/
Business
/
Rite Aid to sell 1,000 pharmacy assets to CVS, Walgreens and others
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Rite Aid to sell 1,000 pharmacy assets to CVS, Walgreens and others
May 26, 2025 9:12 AM

(Reuters) -Bankrupt U.S. pharmacy chain Rite Aid on Thursday said it agreed to sell pharmacy assets from more than 1,000 store locations in separate transactions to CVS Pharmacy, Walgreens, Albertsons, Kroger and Giant Eagle, among others.

CVS Pharmacy will buy and operate many Rite Aid and Bartell Drugs stores in Washington, Oregon and Idaho, Rite Aid said in a filing.

Rite Aid stores will remain open, and customers can continue to use pharmacy services, including prescription refills and immunizations, without interruption, it said.

The sale includes prescription files and other goods, a person familiar with the agreements said.

Walgreens declined to comment. The other bidders did not immediately respond to requests for comment.

Earlier this month, Rite Aid filed for bankruptcy for the second time in less than two years, after poor performance in its retail business made it difficult for the company to maintain sufficient cash flow and restock its retail inventory.

The company has received court approval to pursue a rapid-fire sale of its pharmacy business. Rite Aid is scheduled to conduct a hearing to approve the sales on May 21. The sales will remain subject to regulatory notices and approvals.

The Pennsylvania-based company entered bankruptcy with over $2 billion in debt and has warned employees about likely job cuts. Rite Aid Chief Executive Matt Schroeder said on Thursday the company would try to preserve jobs during the transition.

"These agreements ensure our pharmacy customers will experience a smooth transition while preserving jobs for some of our valued team members," Schroeder said in a note.

Bloomberg had previously reported on CVS' bid.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Genasys Fiscal Q4 Loss Narrows, Revenue Declines
Genasys Fiscal Q4 Loss Narrows, Revenue Declines
Dec 9, 2024
05:23 PM EST, 12/09/2024 (MT Newswires) -- Genasys ( GNSS ) reported a fiscal Q4 net loss late Monday of $0.26 per diluted share, narrowing from $0.27 a year earlier. Two analysts polled by FactSet expected a loss of $0.11. Revenue for the quarter ended Sept. 30 declined to $6.7 million from $10.7 million a year earlier. Three analysts surveyed...
Heidrick & Struggles International Names Nirupam Sinha as CFO
Heidrick & Struggles International Names Nirupam Sinha as CFO
Dec 9, 2024
05:15 PM EST, 12/09/2024 (MT Newswires) -- Heidrick & Struggles International ( HSII ) appointed Nirupam Sinha as chief financial officer, effective Jan. 6. Sinha, 41, currently serves as CFO of Checkout.com, Heidrick & Struggles ( HSII ) said Monday in a regulatory filing. ...
Pembina Pipeline Plans Redemption of Series 22 Preferred Shares
Pembina Pipeline Plans Redemption of Series 22 Preferred Shares
Dec 9, 2024
05:17 PM EST, 12/09/2024 (MT Newswires) -- Pembina Pipeline ( PBA ) after trade Monday said that it plans to redeem all of its about 1.03 million cumulative redeemable floating rate class A preferred shares, Series 22 on Jan. 8. The shares will be redeemed for C$25.50 each, plus any unpaid dividends, but excluding the redemption price. The total redemption...
Intuit Insider Sold Shares Worth $2,359,618, According to a Recent SEC Filing
Intuit Insider Sold Shares Worth $2,359,618, According to a Recent SEC Filing
Dec 9, 2024
05:22 PM EST, 12/09/2024 (MT Newswires) -- Mark P. Notarainni, Executive Vice President, Consumer Group, on December 05, 2024, sold 3,649 shares in Intuit (INTU) for $2,359,618. Following the Form 4 filing with the SEC, Notarainni has control over a total of 19 shares of the company, with 19 shares held directly. SEC Filing: https://www.sec.gov/Archives/edgar/data/896878/000162828024050516/xslF345X05/wk-form4_1733782604.xml ...
Copyright 2023-2026 - www.financetom.com All Rights Reserved