RAD News & Events

CVS Pharmacy announced the completion of its acquisition of select Rite Aid assets nationwide. In total, the company acquired and is now operating 63 former Rite Aid and Bartell Drugs stores in Idaho, Oregon and Washington. CVS Pharmacy also acquired the prescription files of 626 former Rite Aid and Bartell Drugs pharmacies in 15 states. As a result of the transactions, CVS Pharmacy is pleased to be serving more than nine million former Rite Aid and Bartell Drugs patients. To increase capacity or fill open roles to ensure patients are well served, CVS Pharmacy has hired more than 3,500 former Rite Aid and Bartell Drug colleagues who were interested in joining the CVS Pharmacy team. In addition, the company has made targeted investments in existing CVS Pharmacy locations, such as scheduling additional support, enhancing recruitment and hiring, and strengthening training programs, to ensure the teams are best positioned to continue to deliver service excellence to all customer and patients, whether existing or new.

A number of companies have been evaluating Rite Aid's (RAD) IP and potentially its loyalty program, Abigail Summerville of Reuters reports, citing two people familiar with the matter. These companies include Walgreens (WBA), Authentic Brands, WHP Global, and Marquee Brands as well as Kourtney Kardashian.

Rite Aid has told its employees it intends to file bankruptcy less than a year after completing an earlier restructuring that failed to turn around the troubled pharmacy chain, CEO Matthew Schroeder said in a letter to employees that was reviewed by Bloomberg News. The company was unable to secure additional capital from lenders in order to continue operating the business and now intends to file Chapter 11, reported Bloomberg's Ike Swetlitz and Jonathan Randles, who noted that the drug store chain is also planning to cut jobs at its corporate offices.