Headlines

Drug Exchange

Longs Drugs, Rite Aid to switch six stores

Published

17 years ago

April 10, 2007

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Longs Drug Stores Corp. (Walnut Creek, Calif.) has signed an agreement to exchange six stores with Rite Aid Corp. (Camp Hill, Pa.) in Washington, Oregon, California and Nevada.

The agreement includes prescription files, fixed assets and inventory and the assumption of leases for the non-owned stores. The transaction is expected to be completed in the second quarter. Terms of the agreement were not disclosed.

The Longs stores in question are part of the 31 the regional drugstore chain had announced it would dispose of before the end of its current fiscal year in January 2008.

“This is a great opportunity to accelerate our expansion plans as well as our disposition of stores in Oregon and Washington,” said Longs chairman, president and ceo Warren Bryant. “The successful completion of this transaction will also assure that our customers will not experience a disruption to their services.”

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