Rite Aid is closing 95 more stores
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A bankruptcy judge on Wednesday approved Rite Aid’s pharmacy asset sales to a variety of buyers. Purchase prices were not disclosed.
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 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.
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.