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Walgreens was fined $80 million, the largest fine in the history of the Controlled Substances Act at that time. [66] In November 2021, a federal jury found that Walgreens, along with CVS and Walmart, "had substantially contributed to" the opioid crisis. [67] The trial lasted six weeks with the jury returning a verdict finding the pharmacies liable.
Walgreens had previously purchased 45% of the company for $4.0 billion and 83.4 million common shares in August 2012 with an option to purchase the remaining shares within three years. [4] Walgreens became a subsidiary of the newly created company after the transactions were completed. [5]
CVS Pharmacy Inc. is an American retail corporation. A subsidiary of CVS Health, it is headquartered in Woonsocket, Rhode Island. [6] Originally named the Consumer Value Stores, it was founded in Lowell, Massachusetts, in 1963.
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CVS, the largest US chain, closed 244 stores between 2018 and 2020. In 2021, it announced plans to close 900 stores. And Rite Aid filed for bankruptcy last year and will close up to 500 stores.
While Rite Aid has a net worth of roughly $200 million and Walgreens is worth $30.52 billion, CVS's net worth is a whopping $104.57 billion as of March 3, 2023.
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.
Prescriptions at Winn-Dixie pharmacies are expected to move to CVS Pharmacies and Walgreens stores by the end of the year as the grocery chain merges with discount grocer Aldi. The company does ...