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6d ago

Court Approves Sale of Rite Aid Pharmacy Assets to CVS, Walgreens, and Grocers

Rite Aid's second bankruptcy leads to the sale of prescription files and select stores, with over 200 locations set to close immediately.

A woman shops inside of a Rite Aid store underneath a DeepCam security camera in New York City, New York, U.S., June 25, 2020. Picture taken June 25, 2020. REUTERS/Lucas Jackson/File photo
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Overview

  • A New Jersey bankruptcy court approved the sale of Rite Aid's pharmacy assets to CVS, Walgreens, Kroger, Albertsons, and Giant Eagle.
  • CVS will acquire prescription files for 625 Rite Aid pharmacies and 64 physical stores across Washington, Oregon, and Idaho.
  • Walgreens has opted to purchase prescription files only, without acquiring any brick-and-mortar locations.
  • Rite Aid has buyers for prescription files at 810 stores, but files from 200 stores remain unsold as the company plans to shutter over 200 locations immediately.
  • Three landlords have objected to the lack of transparency regarding lease sales, but the court prioritized the continuity of prescription services over these concerns.