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Rite Aid: Stores
built 656 days ago
The day following the release of its December financials, Rite Aid announced it was closing its 28 stores in the Las Vegas market and selling patient prescription files for 27 stores to Walgreens. While Walgreens is purchasing the patient records, it is not clear what will happen to the actual stores. Rite Aid said it was "working with interested parties on selling or assigning the leases on the 28 buildings."
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Rite Aid is a drug store that has all kinds of good things, like 3-liter bottles of cheap soda. Since the first location is close to the dorms, it serves as kind of a grocery store to many freshmen. They develop film here (1-hour and overnight), but stop processing at around 6PM (so, drop it off before then for 1-hour service). They sell money orders too.
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"This settlement will preserve competition among retail drug stores in Vermont by requiring Rite Aid to sell drug stores in Vermont where the transaction might have substantially lessened competition," Sorrell said. "Consumers, particularly the uninsured, benefit from the better prices, wider choices and increased customer service that results from vigorous competition among chain drug stores."
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Rite Aid is the third-largest retail drugstore chain in the U.S., operating more than 5,000 drugstores in 31 states and the District of Columbia. Prescription drugs account for about 64% of Rite Aid's preacquisition total sales and 73% for the acquired Jean Coutu stores. The remainder of sales include nonprescription drugs, health and beauty items, toiletries, food, beverages, and general merchandise.
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Rite Aid, based in Camp Hill, Pennsylvania, operates the nation's largest chain of drug stores. According to the FTC's complaint issued in 1994, Rite Aid entered into an agreement to acquire all of LaVerdiere's stock for $50 million. The FTC alleged that there were very few competitors operating retail stores selling prescription drugs in the three cities at issue and therefore the merger would have led to higher prices for prescription drugs sold in retail stores in these areas.
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Rite Aid said it agreed with Federal Trade Commission staff to shed the 24 stores in nine states as part of the acquisition. The move is expected to satisfy antitrust concerns. The commission still must approve the deal, and Rite Aid remains in talks with state attorneys general, which could yield more divestitures.
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