Rite Aid Begins Transfer of Ownership

Rite Aid (Camp Hill, Pa.) says it has completed the pilot closing and first subsequent closings of its stores as part of a deal it recently reached with Walgreens (Deerfield, Ill.).

The company has transferred 97 stores and related assets to Walgreens, and under the $4.375 billion deal, a total of 1932 Rite Aid stores will be sold and transferred to Walgreens. The deal also includes the acquisition of three Rite Aid distribution centers and related inventory.

The companies will continue to transfer ownership of the stores over the coming months in various phases, reports Chain Store Age. It is expected that the store transfers will be completed by spring 2018.