Part of a deal with pharmacy chain Walgreens Boots Alliance (Deerfield, Ill.), Rite Aid (Camp Hill, Pa.) has provided an update on the progress of its stores’ transition to Walgreens stores.
Rite Aid CEO John Standley commented in a statement released by the company, “We are on track to complete the transfer of stores in the spring of this year.” In the same release, Rite Aid confirmed that 625 of its stores have been released to Walgreens Boots Alliance, with $1.3 billion received from the company thus far. Of that amount, $970 million will be paid to outstanding loans, the company says.
Last fall, Walgreens agreed to pay $4.4 billion in cash for Rite Aid’s 1932 stores and three distribution centers, reports Forbes.