More than 70 Rite Aid Stores Set to Close in Pennsylvania
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Some Rite Aid landlords are seeking more transparency as the bankrupt drugstore chain sells off its pharmacy and retail assets.
Rite Aid has sold the pharmacy operations of more than 1,000 of its U.S. stores to major competitors, including CVS Health Corporation (NYSE:CVS), Walgreens, Albertsons, and Kroger, as part of its ongoing Chapter 11 bankruptcy process.
The corporation also agreed to acquire the prescription files of 625 Rite Aid pharmacies across 15 states in areas that CVS serves, a spokeswoman said.
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.
Over 150 Rite Aid stores are shuttering in its latest round of shut-downs, nationwide, including in the Northeast. Here's where.
What isn't clear is whether the Bartell name that has been such a presence in the Seattle area will survive, with several experts warning that the ubiquitous brand could disappear.
CVS has agreed to buy the bulk of Rite Aid's pharmacy assets. If approved, CVS would acquire the prescription files for 625 stores, including some in Pennsylvania, New Jersey, and Delaware.