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The merger was formally completed on March 22, 2007. [29] ... Later, a 2007 segment on ABC News 20/20 accused CVS, Walgreens and Rite Aid among other pharmacies, of ...
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.
Three days earlier, CVS's archrival Walgreens Boots Alliance announced it would close 1,200 U.S. stores in a tough environment for prescription fulfillment and weak retail sales.
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.
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.
Walgreens Boots Alliance, Inc. (WBA) is an American multinational holding company headquartered in Deerfield, Illinois, [2] which owns the retail pharmacy chains Walgreens in the US and Boots in the UK, as well as several pharmaceutical manufacturing and distribution companies.
Walgreens is set to close a substantial number of its roughly 8,600 ... Walgreens said the value of its ill-fated VillageMD merger has fallen so much, it was forced to take a massive $6 billion ...