Rite Aid to close more than 300 stores
Digest more
Rite Aid has sold the pharmacy services of most of its stores across the United States to several rivals. The bankrupt company announced the fire sale Thursday, with CVS Pharmacy, Walgreens, Albertsons and Kroger scooping up Rite Aid’s pharmacy services at more than 1,000 locations.
CVS Health said that once the sale is finalized, the company looks forward to welcoming Rite Aid colleagues who are interested in applying to join the CVS team.
Bankrupt Rite Aid on Wednesday received court approval to close stores and sell most of its pharmacy assets in separate transactions to CVS, Walgreens, Albertsons, Kroger and Giant Eagle, among others.
Rite Aid filed for Chapter 11 bankruptcy for the second time in less than two years, announcing plans to sell “substantially all” of its assets.CEO Matt Schroeder attributed the move to mounting financial pressures and rapid transformations in both the retail and healthcare landscapes.
ALBANY, N.Y. ( NEWS10) — 105 Rite Aid employees in the Capital Region will lose their jobs effective June 4. This comes after the company filed for bankruptcy and announced it will be closing all New York locations over the next few months.