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Rite Aid, one of the largest U.S. pharmacy chains, received permission from a U.S. judge on Thursday to begin voting on a bankruptcy restructuring plan that would turn over most of the company's ...
Rite Aid has $4 billion in debt, $8.6 billion in total liabilities and $7.65 billion in assets, according to court filings in the U.S. Bankruptcy Court for the District of New Jersey.
Rite Aid has also struggled to keep up with its bigger rivals, CVS and Walgreens, as those companies have pivoted to a health care focus and made sizable investments to match.
Rite Aid Corporation is an American drugstore chain based in Philadelphia, Pennsylvania. [1] It was founded in 1962 in Scranton, Pennsylvania, by Alex Grass under the name Thrift D Discount Center. It is the third-largest drugstore chain in the United States, with nearly 1,300 stores in 16 U.S. states, primarily on the East and West coasts.
Rite Aid has obtained more than $100 million in financing to exit the bankruptcy proceedings, but the latest closure announcements suggest it still faces hurdles in getting official approval to do so.
Rite Aid now offers a similar discount program to "Senior Shoppers", called "Living More". This may be because Rite-Aid's James P. Mastrian, who is the Executive Vice President of Marketing , held the same position at Revco from 1994 to 1997.
A Rite Aid representative declined to comment on whether that program will continue. Jonas said drugstores do want to help with pharmacy access, but the economics still need to work for these ...
[2] [4] Rite Aid's initial public offering at $25 a share on the New York Stock Exchange earned the Grass family $8.75 million. [2] [4] Rite Aid purchased a rival chain, the Daw Drug Company, which was based in Rochester, New York, in 1969, which doubled the company's size and gave Rite Aid a pharmacy business for the first time. [4] By the ...