CVS Health has completed the acquisition of 63 Rite Aid stores in Idaho, Oregon and Washington and prescription files across 15 states that served more than 9 million customers, the drugstore chain said Wednesday. In this photo is a newly converted former Rite Aid store that is now a CVS in Edmonds, Wash.
CVS Health
CVS Health has completed the acquisition of 63 Rite Aid stores in Idaho, Oregon and Washington and prescription files across 15 states that served more than 9 million customers, the drugstore chain said Wednesday.
The acquisition follows a bidding process and the completion of regulatory hurdles following Rite Aid’s bankruptcy filing earlier this year. It was the second bankruptcy filing for Rite Aid in less than two years.
By buying the prescription files, CVS and Walgreens and others that purchased Rite Aid assets during the bankruptcy proceedings avoided taking on more debt from brick-and-mortar stores. It’s common for pharmacy chains, other retailers and grocers in the pharmacy business to pursue prescription files and related pharmacy assets during Chapter 11 bankruptcy proceedings.
CVS is therefore now operating 63 former Rite Aid and Bartell Drugs and also acquired the prescription files of 626 former Rite Aid and Bartell Drugs pharmacies in 15 states. CVS said it hired more than 3,500 former Rite Aid and Bartell Drug employees as part of the acquisition and store conversions. Financial terms of the acquisitions weren’t disclosed.
“We’re excited to have completed the acquisition of select Rite Aid and Bartell Drugs stores in the Pacific Northwest, as well as the acquisition of prescription files of hundreds of Rite Aid and Bartell Drugs pharmacies across 15 states,” said Len Shankman, Executive Vice President and President, Pharmacy and Consumer Wellness, CVS Health. “We’re helping maintain and expand access to convenient and trusted pharmacy care across the U.S. and growing our retail footprint and presence in local communities. From our innovative pharmacy care programs to our exclusive store brand products, we look forward to showing Rite Aid and Bartell Drugs patients and customers all that CVS has to offer.”