Wikipedia

Rite Aid

(Redirected from Rite Aid Pharmacy)

Rite Aid Corporation is an American drugstore chain based in Philadelphia, Pennsylvania.[1] It was founded in 1962 in Scranton, Pennsylvania, by Alex Grass under the name Thrift D Discount Center. It is the third-largest drugstore chain in the United States, with nearly 1,300 stores in 16 U.S. states, primarily on the East and West coasts.

Rite Aid Corporation
FormerlyThrift D Discount Center (1962–1968)
Company typePrivate
IndustryRetail
FoundedSeptember 12, 1962; 62 years ago (1962-09-12)
In Scranton, Pennsylvania, United States
FounderAlex Grass
HeadquartersPhiladelphia, Pennsylvania, United States[1]
Number of locations
1,265 (October 2024)[2]
Key people
  • Jeffrey Stein, chief restructuring officer and CEO[3][4]
  • Matt Schroeder, CFO
ProductsPharmacy, grocery store, liquor store
RevenueIncrease US$24.04 billion (FY2021)[5]
Decrease US$47.14 million (FY2021)[5]
Increase US$−90.9 million (FY2021)[5]
Total assetsDecrease US$9.335 billion (FY2021)[6]
Total equityDecrease US$615.2 million (FY2021)[6]
Number of employees
31,000 (2024)
SubsidiariesBartell Drugs[7][8]
Websitewww.riteaid.com

After several years of growth, Rite Aid adopted its current name and debuted as a public company in 1968. Rite Aid was publicly traded on the New York Stock Exchange under the symbol RAD, and ranked No. 148 in the Fortune 500 in 2022.[9] In October 2023, the company filed for Chapter 11 bankruptcy, due to a large debt load and thousands of lawsuits alleging involvement in the opioid crisis.[10]

History

edit
 
Rite Aid logo used from 1979 to 2020

Alex Grass founded the Rite Aid chain in Scranton, Pennsylvania, in September 1962,[11] after marrying into Harrisburg Pennsylvania's Lehrman family in the early 1950s.[12] The first store was called Thrift D Discount Center.[13] The store expanded into five additional states in 1965 and went public as Rite Aid in 1968.[14][15] It moved to the New York Stock Exchange in 1970.[16]

Ten years after its first store opened, Rite Aid operated 267 locations in 10 states. In 1981, Rite Aid became the third-largest retail drugstore chain in the country. 1983 marked a sales milestone of $1 billion. A 420-store acquisition along the east coast expanded Rite Aid's holdings beyond 2,000 locations.

A large number of acquisitions brought the chain to the state of Michigan in 1984. These were of Grand Rapids, Michigan-based Muir Drug and Remes Drug, along with Lippert Pharmacy of Lowell and Herrlich Drug of Flint;[17][18] one year later, Rite Aid opened stores in Lansing, Michigan through the acquisition of State Vitamin.[19] Rite Aid expanded further into Ohio in 1987 through the acquisition of Cleveland-based Gray Drug.[20] Among the companies acquired was Baltimore, Maryland's Read's Drug Store. On April 10, 1989, Peoples Drug's 114 unit Lane Drug of Ohio was purchased by Rite Aid.[21]

Rite Aid acquired twenty-four Hook's Drug Stores stores in 1994, selling nine of those stores to Perry Drug Stores, a Michigan-based pharmacy chain. One year later, Rite Aid acquired Perry, entering Metro Detroit for the first time, and expanding its presence in Michigan even further.[22][23]

In 1996, Rite Aid acquired Thrifty PayLess, a 1,000-store West Coast chain. The acquisition of Thrifty PayLess included the Northwest-based Bi-Mart membership discount stores, which was sold off in 1998. Acquisitions of Harco, Inc. and K&B, Inc. brought Rite Aid into the Gulf Coast area.

In the 1990s, Rite Aid partnered with Carl Paladino's Ellicott Development Co. to expand the company's presence in upstate New York.[24]

In the late 1990s, Rite Aid performed poorly, and its stock dropped precipitously from $30 to $4.40.[25] At this time, Mary Sammons, of Fred Meyer, was tapped by Leonard Green,[citation needed] of Leonard Green & Partners to become President/COO. She went on to become CEO in 2003.

In July 2001, Rite Aid agreed to improve its pharmacy complaint process by implementing a new program to respond to consumer complaints.[26]

Brooks Eckerd merger

edit

On August 23, 2006, The Wall Street Journal announced that Rite Aid would acquire Brooks Eckerd, with 1,858 Eckerd Pharmacy and Brooks Pharmacy stores, from the Quebec-based Jean Coutu Group for US$3.4 billion. The company's shareholders overwhelmingly approved the merger on January 18, 2007, and the deal closed on June 4 of that year.[27] Following an antitrust review, Rite Aid was required to divest 23 stores.[28][29] Rite Aid later announced that the two chains' stores would be rebranded, retiring the 109-year-old Eckerd banner; all stores were converted to Rite Aid by September 2007.[citation needed]

 
Eckerd store in Rochester, Pennsylvania, pictured shortly before its conversion into a Rite Aid in August 2007

The merger made Rite Aid the dominant drug store retailer in the Eastern U.S., and the third largest drug retailer nationwide; at its peak in 2008, Rite Aid had a total of 5,059 stores and employed 112,800 people.[30] The following fiscal quarter saw an increase in revenue but a sharp fall in net income as Rite Aid began the integration process, and The New York Times reported that Rite Aid saw record-breaking losses that year.[31] Rite Aid shares fell over 75% between September 2007 and September 2008, closing at a low of $0.98 on September 11, 2008, and subsequently dropping to $0.20 on March 6, 2009.[32]

Similar to what CVS experienced in the Chicago metropolitan area after its purchase of Albertsons drug store chains, the deal gave Rite Aid stores that were too close to each other. In many situations, especially in Pennsylvania, where both chains were dominant and had roots in the Commonwealth (Rite Aid originated in Scranton; Eckerd began in Erie, while Thrift Drug was popular in the Pittsburgh area), there were, in some cases, neighboring Rite Aid stores. However, in March 2008, some of these overlapping stores were closed. Most of these stores that closed were pre-existing Rite Aids from before the Eckerd deal, since Eckerd had built newer, more modern stores with drive-through pharmacies and larger space under ownership of both JCPenney and Jean Coutu Group; and the "moved to" sites were converted Eckerds. Employees at the closed stores were transferred to nearby locations, so no layoffs were necessary.[citation needed]

As a former subsidiary of JCPenney, Eckerd accepted JCPenney's store credit card, a practice continued by Rite Aid to this day. Many stores acquired from Brooks Eckerd had previously been Rite Aid locations, as Rite Aid had sold some stores to JCPenney's Thrift Drug chain in the mid-1990s (shortly before JCPenney's acquisition of Eckerd), and had also sold all of its Massachusetts stores to Brooks in 1995.

Market exits

edit

On January 4, 2008, Rite Aid announced the closure of all 28 of its stores in the Las Vegas Valley, and the sale of patient prescription files from the market to Walgreens. The company said Las Vegas was a non-core market that had not been contributing to overall results, and it had not opened a new store there since 1999. One Nevada store would remain open in Gardnerville, near the California border, where Rite Aid at the time had more than 600 stores.[33]

 
Map of Rite Aid stores as of September 2015

On February 5, 2009, Rite Aid announced that it would terminate operations of seven Rite Aid stores in San Francisco, along with five stores in eastern Idaho through a sale to Walgreens.[34]

Rite Aid formerly had a presence in the Columbus, Ohio market, but has since sold off its stores there to CVS.

Founder Alex Grass died of cancer on August 27, 2009.[35]

In June 2010, John Standley was promoted from Chief Operating Officer to chief executive officer, with former CEO Mary Sammons retaining her position as chairperson;[36] Ken Martindale, previously co-president of Pathmark, was named Chief Operating Officer.[37]

In 2015, Rite Aid purchased EnvisionRx, a pharmacy benefit manager, which owns subsidiary PBMs MedTrak, Connect Health Solutions, and Smith Premier Services.[38]

 
Interior of a Rite Aid store in San Ramon, California, in March 2017

Attempted acquisition by Walgreens

edit

On October 27, 2015, Walgreens Boots Alliance announced that it expected to acquire Rite Aid for $9.4 billion, pending shareholder and regulatory approval.[39] The combined company would have been the largest pharmacy chain in the United States, reportedly controlling 46% of the market.[40] Walgreens planned to keep the Rite Aid name on existing stores if the deal went through, though the company's long-term plans for the Rite Aid name were unknown.[41]

Most analysts expected that the merger would close by the end of 2016; it was initially delayed by regulatory review.[42] It was announced on December 21, 2016, that that to address antitrust concerns, Rite Aid would sell 865 stores to Fred's for $950 million,[43] though the Federal Trade Commission (FTC) was dissatisfied with the proposal, and requested the sale of 650 additional stores.[44] In January 2017, Rite Aid and Walgreens further delayed the merger's closing to July, and reduced the sale price to approximately $6.8 billion.[44] 1199SEIU United Healthcare Workers East, a labor union representing 6,000 Rite Aid employees, announced its opposition to the merger on January 31.[45]

 
Rite Aid store in Rose Hill, Fairfax County, Virginia in September 2018, before conversion to a Walgreens

On June 29, 2017, Walgreens announced the cancellation of the merger. Walgreens instead offered to purchase 2,186 Rite Aid stores, less than half of the chain, for $5.18 billion (plus a $325 million cancellation penalty), a deal which would have seen Rite Aid effectively exit the southeastern United States.[46][47][48] Further negotiations led to a fourth revised deal, in which Walgreens would purchase 1,932 Rite Aid locations for $4.38 billion, which was approved by the FTC on September 19.[49] The revised sale was completed on March 27, 2018, leaving Rite Aid with roughly 2,600 remaining stores.[50][51] Three distribution centers and related inventory were transferred starting September 1, 2018, and the majority of stores were then rebranded as Walgreens. 600 stores were closed, most of which were Rite Aid stores within a mile of an existing Walgreens.[52][53]

Attempted acquisition by Albertsons

edit

On February 20, 2018, Albertsons announced plans to acquire the remainder of Rite Aid, in a merger of equals, subject to shareholder and regulatory approval.[54][55] On August 8, 2018, Rite Aid announced that the plan had failed to please shareholders and the proposed acquisition would be cancelled.[56]

In October 2020, Rite Aid announced the acquisition of the privately held Bartell Drugs, a 67-location Seattle-area chain, for $95 million.[57][58] Some customers have criticized the acquisition with reports of heavy staff turnover and computer system glitches.[59]

In 2022, Rite Aid relocated its headquarters from Camp Hill, Pennsylvania to Philadelphia.[60][61] As of fiscal year 2022, Pennsylvania, with 494 stores, is home to the largest number of Rite Aid locations, followed by California and New York, with 487 and 281 respectively.[62]

Bankruptcy

edit

On August 25, 2023, Rite Aid announced that it was preparing to file for Chapter 11 bankruptcy protection within the coming weeks, in an effort to settle federal and state lawsuits over the company's role in the opioid crisis. Plans also call for the potential closure of up to 500 underperforming locations nationwide.[63][64] In October 2023, CreditRiskMonitor reported that Rite Aid was nearing a potential bankruptcy filing.[65]

On October 15, 2023, amid several opioid lawsuits and legal battles, Rite Aid and some of its affiliated debtors filed for Chapter 11 bankruptcy protection in the United States District Court for the District of New Jersey. The next day, the company was delisted from the New York Stock Exchange, and commenced trading over-the-counter.[66][67] The company said in a statement it had secured $3.5 billion in financing and debt reduction agreements from lenders to keep the company afloat through its bankruptcy. Around 500 stores will still shutter throughout the bankruptcy procedure throughout the remainder of 2023.[68] On October 16, Rite Aid announced that 92 additional stores would either be shuttered or sold to other pharmacies.[69] On October 18, Rite Aid warned investors that it may not be able to survive its bankruptcy filing and might have to permanently shutter or sell all of its remaining stores over the next twelve months.[70] That day, the company announced the closure of 154 stores, and its stock closed at an all-time low of $0.13 per share.[71][72]

On October 19, competitor Walgreens agreed to pay $192.5 million in an effort to settle a lawsuit from Rite Aid investors accusing them that their executives misled them about their bid to acquire Rite Aid back in 2017.[73]

On November 16, Rite Aid sued the United States Department of Justice in an effort to block an opioid lawsuit that accused the company of ignoring warnings and falsely filed thousands of prescriptions for addictive opioid medications.[74] On November 21, a bankruptcy judge ordered Rite Aid to fully reorganize its operations by March 1, 2024. Rite Aid warned that if it failed to fully reorganize by the deadline, the company could face liquidation.[75] On November 29, Rite Aid announced the closure of 30 additional stores that would close by December 2023.[76] On December 5, Rite Aid announced that 79 stores would be put up for sale.[77]

On December 19, Rite Aid agreed to a bankruptcy mediation with its opioid victims and creditors that would be supervised by the court. Rite Aid also received a loan approval that would allow for the company to receive approximately $200 million.[78] That same day, Rite Aid announced that they have settled with the Federal Trade Commission over their AI-powered facial recognition technology, agreeing to a 5-year ban to forbid using facial recognition technology in all of their stores after being accused of misusing the system for falsely identifying shoppers of race and color. The system was originally supposed to be used for shoppers that are likely involved in some sort of criminal related activity.[79] In addition, Rite Aid announced the closure of 19 additional stores nationwide.[80]

On December 21, Rite Aid cancelled an auction for its Elixir division after no other higher bids came in, and would sell the insurance-related company to MedImpact Healthcare Systems for approximately $575 million.[81]

In June 2024, the Detroit Free Press reported that Rite Aid was preparing to close all remaining stores in Michigan.[82] Soon thereafter, the chain filed a WARN notice disclosing plans to close its Waterford, Michigan distribution center in August 2024, laying off nearly 200 employees.[83] By August, the company had closed or announced the closure of 38% of its stores, amounting to 778 locations,[84] including all stores in Michigan and all but four in Ohio.[85][86]

In September 2024, Rite Aid announced it was exiting bankruptcy, and became a privately held company. Matt Schroeder, the former CFO, was elevated to the CEO role.[87][88]

Finances

edit

For the second quarter of 2022, Rite Aid reported basic[clarification needed] and diluted earnings of -1.86 per share. This is significantly down from prior quarters' report of -0.24 per share.[89]

Year Revenue

in thousands USD$

Net income

in thousands USD$

Total Assets

in thousands USD$

Employees Stores
2005 16,715,598 302,478 5,932,583 71,200 3,356
2006 17,163,044 1,273,006 6,988,371 70,200 3,323
2007 17,399,383 26,826 7,091,024 69,700 3,333
2008 24,326,846 −1,078,990 11,488,023 112,800 5,059
2009 26,289,268 −2,915,420 8,326,540 103,000 4,901
2010 25,669,117 −506,676 8,049,911 97,500 4,780
2011 25,214,907 −555,424 7,555,850 91,800 4,714
2012 26,121,222 −368,571 7,264,385 90,000 4,667
2013 25,392,263 118,105 6,985,038 89,000 4,623
2014 25,526,413 249,414 6,860,672 89,000 4,587
2015 26,528,377 2,109,173 8,777,425 89,000 4,570
2016 30,736,657 165,465 11,277,010 90,000 4,561
2017 32,845,073 4,053 11,593,752 88,000 4,536
2018 21,528,968 −349,532 8,989,327 60,800 2,550
2019 21,639,557 −666,954 7,591,367 53,100 2,464
2020 21,928,390 −469,219 9,452,369
2021 24,043,240 −100.07 2,451
2022 24,568,260 −538,478 2,229
2023 24,091,900 −749,936 2,102

[90]

edit

In 2002, the SEC announced criminal charges against top Rite Aid executives for accounting fraud.[91] Several executives served subsequent jail time, including CEO Martin Grass. Grass, who is the son of the founder, ultimately served six years in prison.[92]

In October 2018, a former Rite Aid vice president of advertising and two co-owners of Nuvision Graphics Inc. pleaded guilty to in a $5.7 million kick-back scheme defrauding Rite Aid.[93][94][95]

Litigation

edit

On July 25, 2004, Rite Aid agreed to pay $7 million to settle allegations that the company had submitted false prescription claims to United States government health insurance programs.[96]

On July 14, 2022, Rite Aid inked a $10.5 million settlement with counties in Georgia, North Carolina, and Ohio, which allowed the company to sit out the next wave of trials stemming from the opioid epidemic in the U.S., which were slated to begin against national pharmacy chains by 2023.[97]

On March 14, 2023, the United States government sued Rite Aid for missing "red flags" as it illegally filled hundreds of thousands of prescriptions for controlled substances, including opioids from May 2014 to June 2019.[98]

Hall v. Rite Aid Corporation

edit

In the employee seating lawsuit (Hall v. Rite Aid Corporation, San Diego County Superior Court), the parties reached a class action settlement for $18 million plus institution of a two-year pilot seating program for front-end checkstands. On September 14, 2018, the Court granted preliminary approval of the settlement. On November 16, 2018, the court granted final approval of the settlement.[99]

In re National Prescription Opiate Litigation

edit

As reported by Rite Aid, the company is a defendant in the consolidated multidistrict litigation proceeding, In re National Prescription Opiate Litigation, pending in the U.S. District Court for the Northern District of Ohio. Various plaintiffs (such as counties, cities, hospitals, and third-party payors) allege claims concerning the impacts of widespread opioid abuse against defendants along the pharmaceutical supply chain, including manufacturers, wholesale distributors, and retail pharmacy chains.[99]

Byron Stafford v. Rite Aid Corp. and Robert Josten v. Rite Aid Corp.

edit

As reported by Rite Aid, the company is involved in two consumer class action lawsuits in the United States District Court for the Southern District of California, alleging that it has overcharged customers' insurance companies for prescription drug purchases, resulting in overpayment of co-pays.[99]

Surveillance practices

edit

In July 2020, the Reuters news agency reported that during the 2010s Rite Aid had deployed facial recognition video surveillance systems and components from FaceFirst, DeepCam LLC, and other vendors at some retail locations in the United States.[100] Cathy Langley, Rite Aid's vice president of asset protection, used the phrase "feature matching" to refer to the systems, a technical term related to the process of image feature extraction in the field of artificial intelligence for video surveillance, and said that usage of the systems resulted in less violence and organized crime in the company's stores, while former vice president of asset protection Bob Oberosler emphasized improved safety for staff and a reduced need for the involvement of law enforcement organizations.[100] In a 2020 statement to Reuters in response to the reporting, Rite Aid said that it had ceased using the facial recognition software and switched off the cameras.[100]

According to director Read Hayes of the National Retail Federation Loss Prevention Research Council, which in 2018 called facial recognition technology "a promising new tool" worth evaluating, Rite Aid's surveillance program was either the largest or one of the largest programs in retail.[100] The Home Depot, Menards, Walmart, and 7-Eleven were among other US retailers also engaged in pilot programs or deployments of facial recognition technology at that time.[100]

Of the stores examined by Reuters, those in communities where people of color made up the largest racial or ethnic group were three times as likely to have the technology installed,[100] raising concerns related to the substantial history of racial segregation and racial profiling in the United States. Rite Aid said that the selection of locations was "data-driven", based on the theft histories of individual stores, local and national crime data, and site infrastructure.[100]

Customer loyalty and rewards programs

edit

The Wellness+ card is Rite Aid's free shopping rewards card that started nationwide on April 18, 2010. It became a part of the newly launched American Express-backed Plenti rewards program in May 2015, but the Plenti program was discontinued three years later. Rite Aid introduced Wellness+ BonusCash on January 1, 2018. Customers stopped receiving Plenti points; instead earning BonusCash that can only be redeemed at Rite Aid. The Plenti rewards program ended on July 10, 2018. After Plenti was discontinued, Rite Aid re-introduced the Wellness+ program.

Partnerships

edit

General Nutrition Centers (GNC) and Rite Aid formed a partnership in January 1999, adding GNC stores-within-stores at roughly 1,500 Rite Aid pharmacies.[101][102] A partnership with Drugstore.com in June 1999 allowed customers of Rite Aid to place medical prescription orders online for same-day, in-store pickup.

Amazon announced in June 2019 that Amazon shoppers would be able to pick up their purchases at designated counters inside more than 100 Rite Aid stores across the US. The new service is called Counter[103] and launched in the US after being used in the UK with the Next clothing chain and in Italy with Giunti Al Punto Librerie, Fermopoint and SisalPay stores.[104]

In May 2022, Rite Aid partnered with Homeward, a rural home care startup. Under this partnership, Medicare-eligible customers have been directed to Homeward's clinical services and have access to Homeward mobile care units.[105]

References

edit
  1. ^ a b "Rite Aid Opens New Modern Headquarters in Philadelphia's Navy Yard". Retrieved July 13, 2022.
  2. ^ "All Rite Aid locations".
  3. ^ "Management Team".
  4. ^ "Rite Aid files for Chapter 11 bankruptcy, names new CEO". October 16, 2023.
  5. ^ a b c "Rite Aid". Yahoo Finance. Retrieved October 28, 2021.
  6. ^ a b "Rite Aid". Yahoo Finance. Retrieved October 28, 2021.
  7. ^ "RITE AID TO ACQUIRE BARTELL DRUGS |". Bartell Drugs.
  8. ^ "Bartell Drugs, a local, family-owned business for 130 years, to be sold to Rite Aid for $95 million". The Seattle Times. October 7, 2020.
  9. ^ "Fortune 500 Companies". Fortune. Retrieved July 30, 2022.
  10. ^ Holman, Jordyn; Hirsch, Lauren (October 16, 2023). "Rite Aid, Facing Slumping Sales and Opioid Suits, Files for Bankruptcy". The New York Times. ISSN 0362-4331. Retrieved October 16, 2023.
  11. ^ "Rite Aid got its start in Scranton - News - Standard Speaker". Standard Speaker. October 7, 2012. Retrieved March 25, 2016.
  12. ^ Luciew, John (November 9, 2015). "Rite Aid's troubled history of family drama, high debt and mismanagement". PennLive.com. Retrieved October 31, 2017.
  13. ^ "Three drug stores on the brink: Deal to involve Rite Aids | Peninsula Daily News". Peninsula Daily News. December 22, 2016. Retrieved October 31, 2017.
  14. ^ "Alex Grass". NNBB. Retrieved September 29, 2012.
  15. ^ Haggerty, James. "Rite Aid got its start in Scranton". Retrieved October 31, 2017.
  16. ^ "about us". Rite Aid. Retrieved May 8, 2020.
  17. ^ "Rite Aid acquires firm". The Sentinel. Carlisle, Pennsylvania. June 20, 1984. pp. A4. Retrieved October 12, 2020.
  18. ^ "1984-1993: a decade of dramatic change". The Free Library. Retrieved October 22, 2020.
  19. ^ "Rite Aid purchases State Vitamin stores". Lansing State Journal. March 14, 1985. pp. 12B. Retrieved October 30, 2020.
  20. ^ "Gray Drug Fair Sale - New York Times". The New York Times. May 2, 1987. Retrieved May 13, 2012.
  21. ^ Chain Drug Review, March 27, 1989 "Peoples divests its Lane units"
  22. ^ "Rite Aid, Perry grow in Michigan". Chain Drug Review. Archived from the original on January 22, 2008. Retrieved October 7, 2007.
  23. ^ Fried, Lisa I. (February 20, 1995). "Perry-Rite Aid consolidation begins". Drug Store News. Retrieved October 7, 2007.
  24. ^ Breidenbach, Michelle (October 10, 2010). How Carl Paladino built his Rite-Aid empire. The Post-Standard (Syracuse, New York). Retrieved 2010-10-10.
  25. ^ MULADY, KATHY (October 20, 2001). "Sammons provides just the right aid". seattlepi.com. Retrieved November 11, 2020.
  26. ^ "Health Plan Agrees to Improve Pharmacy Complaint Process" (Press release). Office of New York State Attorney General. July 30, 2001. Archived from the original on February 12, 2009. Retrieved September 5, 2008.
  27. ^ "Rite Aid shareholders OK Eckerd deal - Yahoo! News". Archived from the original on January 20, 2007. Retrieved January 15, 2017.
  28. ^ "Rite Aid Completes Eckerd/Brooks Deal". Supermarket News. June 5, 2007. Retrieved November 21, 2023.
  29. ^ "FTC Challenges Rite Aid's Proposed $3.5 Billion Acquisition of Brooks and Eckerd Pharmacies from Canadas Jean Coutu Group, Inc". Federal Trade Commission. June 4, 2007. Retrieved November 21, 2023.
  30. ^ "Data". www.sec.gov. Retrieved June 2, 2019.
  31. ^ "Rite Aid Reports Wider Loss and Lowers Outlook". The New York Times. December 21, 2007. Retrieved May 22, 2010.
  32. ^ "NYSE, New York Stock Exchange > Listings > Listings Directory" [Rite Aid Stock Price]. Archived from the original on October 9, 2012. Retrieved February 23, 2012.
  33. ^ "Rite Aid to Exit Las Vegas Market" (Press release). Camp Hill, PA: Rite Aid. January 4, 2008. Retrieved October 3, 2014.
  34. ^ Colliver, Victoria (February 7, 2009). "Rite Aid selling its S.F. stores to Walgreens". SFGate. San Francisco. Retrieved October 3, 2014.
  35. ^ Central PA (August 31, 2009). "Alexander Grass, Rite Aid founder, laid to rest". PennLive.com. Retrieved July 18, 2013.
  36. ^ "Rite Aid Promotes John T. Standley to CEO, Effective June 24, 2010; Mary Sammons to Retain Position of Chairman". Rite Aid press release. January 21, 2010. Archived from the original on August 31, 2010. Retrieved July 10, 2010.
  37. ^ "Ken Martindale Promoted To Chief Operating Officer At Rite Aid". Rite Aid press release. June 24, 2010. Archived from the original on July 26, 2010. Retrieved July 10, 2010.
  38. ^ Brian S. Feldman (March 17, 2016). "Big pharmacies are dismantling the industry that keeps US drug costs even sort-of under control".
  39. ^ Cimilluca, Dana; Mattioli, Dana; Siconolfi, Michael (October 27, 2015). "Walgreens, Rite Aid Unite to Create Drugstore Giant". The Wall Street Journal. Retrieved October 28, 2015.
  40. ^ "Walgreens and Rite Aid Merger". Pharmacy Near Me. February 23, 2017.
  41. ^ Merced, Michael J. de la; Tabuchi, Hiroko (October 27, 2015). "Walgreens to Buy Rite Aid for $9.4 Billion". The New York Times. ISSN 0362-4331. Retrieved November 22, 2023.
  42. ^ Howland, Daphne. "Walgreens, Rite Aid delay merger amid antitrust concerns". Retail Dive. Retrieved November 22, 2023.
  43. ^ "Fred's Acquiring 865 stores". wsj.com. The Wall Street Journal. December 21, 2016.
  44. ^ a b Merced, Michael J. De La (January 30, 2017). "Walgreens and Rite Aid Cut Price of Merger". The New York Times. ISSN 0362-4331. Retrieved January 31, 2017.
  45. ^ Terlep, Sharon (January 31, 2017). "Union Speaks Out Against Walgreens-Rite Aid Deal". The Wall Street Journal. ISSN 0099-9660.
  46. ^ de la Merced, Michael J.; Bray, Chad (June 29, 2017). "Walgreens Calls Off Deal to Buy Rite Aid". The New York Times. Retrieved September 24, 2018.
  47. ^ "Walgreens, Rite Aid End $9.4 Billion Merger". The Wall Street Journal. June 29, 2017. Retrieved June 29, 2017.
  48. ^ Witsil, Frank (October 29, 2015). "Drugstore buy might start up headaches". Detroit Free Press. Vol. 185, no. 178. p. B1. ISSN 1055-2758.
  49. ^ Langreth, Robert; McLaughlin, David (September 19, 2017). "Walgreens Wins U.S. Approval for Rite Aid Deal on Fourth Try". Bloomberg News. Retrieved September 19, 2017.
  50. ^ Disis, Jill (September 19, 2017). "Walgreens finally buys Rite Aid stores in a diminished deal". CNNMoney. Retrieved November 22, 2023.
  51. ^ Japsen, Bruce. "Rite Aid Says All 1,932 Stores Transferred To Walgreens". Forbes. Retrieved November 22, 2023.
  52. ^ "Walgreens will close 600 stores as part of its deal with Rite Aid". The Boston Globe.
  53. ^ Taddeo, Sarah. "Is your Rite Aid closing or turning into a Walgreens store?". Democrat and Chronicle. Retrieved November 22, 2023.
  54. ^ "Albertsons Companies and Rite Aid Merge to Create Food, Health, and Wellness Leader". BusinessWire. February 20, 2018. Retrieved February 20, 2018.
  55. ^ "Albertsons Cos. and Rite Aid Merge". Albertsons. Retrieved February 22, 2018.
  56. ^ Hirsch, Lauren (August 8, 2018). "Rite Aid and Albertsons agree to terminate their merger". CNBC. Retrieved August 9, 2018.
  57. ^ Seattle, WA 98106; Us, Contact. "RITE AID TO ACQUIRE BARTELL DRUGS |". Bartell Drugs.{{cite web}}: CS1 maint: numeric names: authors list (link)
  58. ^ "Bartell Drugs, a local, family-owned business for 130 years, to be sold to Rite Aid for $95 million". The Seattle Times. October 7, 2020.
  59. ^ "Bartell customers face delays, staff shortages after Rite Aid takeover". The Seattle Times. August 11, 2021.
  60. ^ "Rite Aid moving headquarters to Philadelphia". The Detroit News. Retrieved November 21, 2023.
  61. ^ "Rite Aid opens new headquarters — with no permanent workforce". Chain Store Age. July 14, 2022. Retrieved November 21, 2023.
  62. ^ "Filing". secureir.edgar-online.com. Retrieved June 2, 2019.
  63. ^ "Rite Aid Prepares Bankruptcy That Would Halt Opioid Lawsuits". The Wall Street Journal. August 25, 2023. Retrieved August 25, 2023.
  64. ^ "Rite Aid prepares bankruptcy filing, store closures amid opioid lawsuits". Yahoo Finance. August 25, 2023. Retrieved August 26, 2023.
  65. ^ "11 retailers at risk of bankruptcy in 2023". Retail Dive. October 2, 2023. Retrieved October 3, 2023.
  66. ^ "NYSE to Commence Delisting Proceedings Against Rite Aid Corporation (RAD)". www.businesswire.com. October 16, 2023. Retrieved November 21, 2023.
  67. ^ "Rite Aid Shareholders Are Wiped Out Under A Chapter 11 Bankruptcy Plan". Seeking Alpha. October 16, 2023. Retrieved November 21, 2023.
  68. ^ "Rite Aid files for bankruptcy". CNN. October 15, 2023. Retrieved October 16, 2023.
  69. ^ "Rite Aid wants to sell 92 more store leases in Chapter 11". Retail Dive. November 8, 2023. Retrieved December 27, 2023.
  70. ^ "Rite Aid Flags 'Going Concern' Risk Days After Bankruptcy Filing". Bloomberg Law. October 18, 2023. Retrieved October 18, 2023.
  71. ^ "Rite Aid is closing more than 150 stores as part of its bankruptcy process". NBC News. October 18, 2023. Retrieved November 21, 2023.
  72. ^ "Rite Aid Corporation (RADCQ) Stock Historical Prices & Data - Yahoo Finance". finance.yahoo.com. Retrieved November 21, 2023.
  73. ^ "Walgreens to settle Rite Aid investors' merger claims for $192 million". Reuters. October 19, 2023. Retrieved December 27, 2023.
  74. ^ "Bankrupt Rite Aid sues US Justice Dept to stop opioid lawsuit". Reuters. November 16, 2023. Retrieved December 27, 2023.
  75. ^ "Rite Aid Bankruptcy Judge Sets March 1 Deadline to Reorganize". Bloomberg Law. November 21, 2023. Retrieved December 27, 2023.
  76. ^ "Rite Aid is closing another 30 stores". CNN. November 29, 2023. Retrieved December 27, 2023.
  77. ^ "Rite Aid plans to sell 79 stores". Retail Dive. December 5, 2023. Retrieved December 27, 2023.
  78. ^ "US pharmacy chain Rite Aid agrees to bankruptcy mediation, gets loan approval". Reuters. November 19, 2023. Retrieved December 27, 2023.
  79. ^ "Rite Aid to be barred from using facial recognition under proposed FTC settlement". CNBC. December 19, 2023. Retrieved December 27, 2023.
  80. ^ "Rite Aid looks to close its Smithfield store". Smithfield Times. December 22, 2023. Retrieved December 27, 2023.
  81. ^ "MedImpact to buy Rite Aid Drug Benefits unit as auction ends". Bloomberg Law. December 21, 2023. Retrieved December 27, 2023.
  82. ^ Kovanis, Georgea (June 20, 2024). "Rite Aid to close all Michigan stores, transfer prescriptions to Walgreens, workers say". Detroit Free Press. Retrieved June 25, 2024.
  83. ^ Williams, Candice. "Rite Aid closing Waterford Township distribution center, laying off 191". The Detroit News. Retrieved June 25, 2024.
  84. ^ Kaplan, Seth (August 10, 2024). "Rite Aid bankruptcy-era store closures top 775; withdrawal from Michigan and Ohio nearly complete". ABC27. Retrieved August 11, 2024.
  85. ^ White, Rose (August 14, 2024). "Rite Aid closing all stores in Michigan". MLive. Retrieved August 25, 2024.
  86. ^ "Rite Aid to close all but 4 Ohio stores". WHIO. August 22, 2024. Retrieved August 25, 2024.
  87. ^ Brandt, Joe (September 4, 2024). "Rite Aid comes out of bankruptcy, is now a private company - CBS Philadelphia". www.cbsnews.com. Retrieved September 4, 2024.
  88. ^ "Rite Aid Corporation Names Matt Schroeder as Chief Executive Officer". Rite Aid News. September 3, 2024. Retrieved September 4, 2024.
  89. ^ "NYSE:RAD / Rite Aid Corp. - Earnings Per Share Basic And Diluted". Retrieved March 3, 2019.
  90. ^ "Rite Aid Financial Statements 2009-2023 - RAD". www.macrotrends.net.
  91. ^ "SEC litigation release | Frank M. Bergonzi, Martin L. Grass, And Franklin C. Brown". sec.gov. Retrieved January 27, 2024.
  92. ^ Central PA (August 5, 2009). "Jailed Rite Aid ex-CEO Martin Grass is moved to community corrections facility in anticipation of release". PennLive.com. Retrieved July 18, 2013.
  93. ^ "Atlanta business owner pleads guilty to $5.7M Rite Aid vendor kick-back scheme". Atlanta Business Journal. Retrieved January 3, 2019.
  94. ^ "Former Rite Aid executive pleads guilty in $5.7 million kickback scheme". PennLive.com. October 2, 2018. Retrieved January 3, 2019.
  95. ^ "Former Rite Aid Vice President Pleads Guilty In $5.7 Million Vendor Kick-Back Scheme" (Press release). www.justice.gov. October 1, 2018. Retrieved January 3, 2019.
  96. ^ "Rite Aid to pay $7 Million for Allegedly Submitting False Prescription Claims to Government" (Press release). United States Department of Justice. June 25, 2004.
  97. ^ "Rite Aid reaches opioid litigation ceasefire in $10.5 million settlement". Reuters. July 14, 2022. Retrieved July 14, 2022.
  98. ^ "US sues Rite Aid for missing opioid red flags". Reuters. August 28, 2023. Retrieved August 28, 2023.
  99. ^ a b c "Rite Aid Corporation 2019 Quarterly Report (Form 10-Q)". sec.gov. U.S. Securities and Exchange Commission. January 2019.
  100. ^ a b c d e f g Dastin, Jeffrey L.; Cadell, Cate; Yang, Yizhing; Tham, Engen; Goh, Brenda; Master, Farah; Jackson, Lucas; Michalska, Aleksandra; Hart, Samuel (July 28, 2020). "Special Report: Rite Aid deployed facial recognition systems in hundreds of U.S. stores". U.S. Legal News. Reuters. Archived from the original on January 8, 2021. Retrieved January 1, 2021.
  101. ^ "Company News; Rite Aid And General Nutrition Agree To An Alliance". The New York Times. January 8, 1999.
  102. ^ "GNC Will Open Shops Inside Rite Aid Stores". Los Angeles Times. January 8, 1999. Retrieved September 14, 2024.
  103. ^ "Amazon announces US launch of Counter pick-up service". Verdict Retail. June 30, 2019. Retrieved July 1, 2019.
  104. ^ "Amazon launches new in-store pickup option with Rite Aid as first..." Reuters. June 27, 2019. Retrieved July 1, 2019.
  105. ^ "Rite Aid, startup Homeward announce plan for primary care clinics at rural pharmacies". Medical Economics. June 3, 2022. Retrieved June 13, 2022.
edit
 
Wikimedia Commons has media related to Rite Aid.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Rite_Aid&oldid=1255583236"