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Rite Aid to sell 1,000 pharmacy assets to CVS, Walgreens and others
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Rite Aid to sell 1,000 pharmacy assets to CVS, Walgreens and others
May 26, 2025 9:12 AM

May 15 (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 ( ACI ), Kroger ( KR ) 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.

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