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Many of those soon-to-be-closed locations are presumably part of the 1,932 Rite Aid stores Walgreens bought in 2018 in a $5.2 billion consolation prize deal after failing to buy its smaller rival ...
And Rite Aid filed for bankruptcy last year and will close up to 500 stores. Shifting trends Drug store chains are struggling because of falling reimbursement rates for prescription drugs ...
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A spokesperson for Walgreens declined to comment. David Knotts, an attorney for the shareholders, said the case was "intensely fought." Walgreens to settle Rite Aid investors' merger claims for ...
Walgreens attempted to buy Rite Aid for about $9.4 billion in a deal announced in 2015. But the larger drugstore chain scaled back its ambition a couple years later and bought only a chunk of Rite ...
Walgreens ultimately sold almost 2,000 stores, and Rite Aid unsuccessfully pursued other deals to stabilize its business. The company had $3.3 billion in long-term debt as of June 3.
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]
Ultimately, in 2017, the companies agreed to a smaller, $4.4 billion deal, in which Walgreens bought just under 2,000 Rite Aid locations, leaving Rite Aid diminished in stature and unable to ...
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