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On August 23, 2006, The Wall Street Journal announced that Rite Aid would acquire the U.S. subsidiary of Quebec-based Jean Coutu Group, including 1,858 Eckerd Pharmacy and Brooks Pharmacy stores, for US$3.4 billion in cash and issuing stock, which would also give Jean Coutu a 32% equity stake in Rite Aid. The company's shareholders ...
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 Federal Trade Commission (FTC) announced that it would sue to stop the buyout, saying that Rite Aid would become a monopoly in many markets because Rite Aid and Revco had many overlapping stores, and Rite Aid withdrew its bid for the company. [9] Sign with lingering Revco logo at shopping center near Fishkill, NY, in 2023
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 ...
Rite Aid's bankruptcy plan, revised on Thursday, would cut $2 billion in debt and provide $47.5 million to junior creditors, including individuals and local governments who have sued the company ...
(Reuters) -Rite Aid will operate as a private company after it successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy, the U.S. drugstore chain said on Tuesday.
On August 24, 2006, Rite Aid announced that it would acquire 1,858 Jean Coutu's Eckerd and Brooks U.S. operations for $1.45 billion in cash and issuing stock, giving Jean Coutu a 32% equity stake in Rite Aid. [6] Rite Aid announced the acquisition completed on June 4, 2007. [7] In July 2013, Coutu proceeded to the sale of its last shares of ...
The acquisition of Perry Drug Stores in 1995 was the largest acquisition made by Rite Aid. It also brought Rite Aid to the Detroit area, where it previously had no stores. [13] [14] [failed verification] Perry Drug Stores, Inc. remained an active subsidiary of Rite Aid (owning stores held by the company at its closure), as shown in the company ...