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In June 2007, a 109-year-old retail legacy came to an end. Rite-Aid Corporation completed its acquisition of Eckerd Pharmacy by purchasing Jean Coutu USA for $2.3 billion in cash plus $1 billion ...
On August 23, 2006, The Wall Street Journal announced that Rite Aid would acquire 1,858 Eckerd Pharmacy and Brooks Pharmacy stores from Jean Coutu for US$3.4 billion (~$4.94 billion in 2023). The deal closed on June 4, 2007. Rite Aid announced that the two chains would be converted to the Rite Aid name, retiring the 109-year-old Eckerd banner.
The company previously responsible for operating the Brooks chain, The Jean Coutu Group (PJC) USA, Inc., along with Eckerd Corporation, remained active in-name-only subsidiaries of Rite Aid, as shown in the latter company's October 2023 Chapter 11 bankruptcy filings, despite the conversion of the Brooks and Eckerd chains in 2007 and the sale of ...
As shown in the company's bankruptcy filings, its 2007 acquisitions, The Jean Coutu Group (PJC) USA Inc. (Jean Coutu's former U.S. subsidiary) and Eckerd Corporation, remain active in-name-only subsidiaries of Rite Aid, despite the conversions of Brooks and Eckerd to Rite Aid and Coutu's sale of its remaining shares in Rite Aid 10 years prior. [73]
Due to Rite Aid's connection to Thrift Drug through Eckerd, Rite Aid, as well as CVS which also purchased many Eckerd stores, accept JCPenney credit cards despite having otherwise had no corporate affiliation with JCPenney. [citation needed] Thrift Drug, Inc. remained an active subsidiary of Eckerd and later Rite Aid (owning stores held by the ...
In 2006, Rite Aid bought the Eckerd chain in a deal valued at $3.4 billion. In 2018, Walgreens bought 1,932 Rite Aid locations and three distribution centers for $4.4 billion.
9155 Telegraph Road in Taylor. 1243 U.S. 31 South in Manistee. 29447 Ford Road in Garden City. 2838 East Court Street in Flint. 1900 East 8 Mile Road in Detroit. 36485 Garfield Road in Clinton ...
Rite Aid said in court papers that junior creditors would be receiving $47.5 million as a "gift," which would not have been possible without the settlements with higher-priority creditors.