CVS Completes Acquisition of Rite Aid
Summary
CVS Health has completed the purchase of assets from Rite Aid, including 63 stores and prescription records from over 600 locations across 15 states. CVS hired more than 3,500 employees from Rite Aid and Bartell Drugs to help with the transition and is hosting events at the new stores. This acquisition comes after Rite Aid filed for bankruptcy and closed many of its locations.Key Facts
- CVS Health bought 63 Rite Aid and Bartell Drugs stores and prescription records from 626 locations in 15 states.
- The newly acquired stores are in Idaho, Oregon, and Washington.
- CVS hired over 3,500 former employees from Rite Aid and Bartell Drugs.
- The acquisition was approved by a U.S. Bankruptcy Court in New Jersey.
- Rite Aid declared bankruptcy and began closing stores last year, finishing its closures recently.
- CVS Health now operates 9,000 pharmacy locations and provides various health services and insurance.
- Rite Aid had over 4,500 stores at its peak in the early 2000s but reduced to 1,240 stores by the time of its final closures.
- CVS is hosting block parties to introduce the rebranded stores to the community.
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