LYCOS RETRIEVER 
Rite Aid: Stores
built 276 days ago
In 1969 Rite Aid acquired the 47-store Daw Drug Co. of Rochester, New York, bringing Rite Aid's store count to 117. The company ... acquired Blue Ridge Nursing Homes along with Immuno Serums, Inc., and Sero-Genics, Inc., incorporating them into the company's medical services division. Offering more than 260 of its own private label products also contributed to Rite Aid's growth. The company increased its mechanical efficiency, installing material-handling equipment, such as conveyers, in its drug warehouse. It hooked up a telephone-order transmission system between the warehouse and drugstores to move orders swiftly. In addition, Rite Aid installed electronic data-processing equipment to produce price tags.
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Rite Aid stores are primarily in the East and Midwest. Thrifty Payless, based in Wilsonville, Ore., near Portland, was formed by the 1994 merger of the Thrifty and Payless chains and operates stores in 10 Western states under the Thrifty and Payless names. The deal was first reported in The Wall Street Journal yesterday.
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Outside the courtroom, Rite Aid continued its turnaround efforts. A $3.2 billion loan refinancing completed in June 2001 further strengthened the firm's financial footing, helping reduce total debt to about $3.7 billion and easing it back from the brink of bankruptcy. Additional funds were raised through the sale of the firm's stake in drugstore.com between January and May 2002. Drugstore.com continued to function as Rite Aid's exclusive online pharmacy. During 2002 and 2003 an additional 156 underperforming stores were closed, further reducing the store count to about 3,400. For the year ending on March 1, 2003, Rite Aid trimmed its net loss to $112.1 million, compared with the $827.7 million loss of the preceding year.
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In addition to the improper vendor deductions discussed in Section C.1.a above, Rite Aid overstated its FY 1999 Net Income by falsely reporting to vendors as D&Os the cost of marking down the price of certain products in its stores. The vendors did not agree to share in the cost of the price markdowns and were misled by Rite Aid into believing that the deductions taken by Rite Aid in February 1999 were for D&Os. These purported D&Os resulted in an overstatement of FY 1999 pre-tax income of approximately $30 million.
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By 1964 Rite Aid's market territory included New Jersey and Virginia. Its store count doubled, bringing the total to 12. The number of employees had grown to 200. Expansion did not stop there; in 1965 Rite Aid penetrated Connecticut, and its store count rose to 25.
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Robert Miller, chairman of Rite Aid's board since 1999, sold 300,000 shares for $5.52 each, or a total of $1.7 million, on Dec. 27. Shares of Rite Aid hit a 52-week high of $5.67 on Dec. 26, 2006, despite missing consensus estimates for same-store sales earlier that month. The stock closed at $5.49 on Thursday.
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