LYCOS RETRIEVER 
Rite Aid: United States
built 276 days ago
[One] attempt was made by the company in 1996 to buy its rival, Revco, but when the Federal Trade Commission rejected the $1.8 billion deal, Rite Aid moved on to other prospects. (Revco was subsequently acquired by CVS Corporation in 1997.) December 1996 marked the largest acquisition in Rite Aid history--a merger with Thrifty PayLess Holdings, Inc., which had sales of $4.4 billion in 1,007 stores in the western United States. The price tag was $1.4 billion in stock and the assumption of almost $900 million in debt. Thrifty was the largest chain drugstore operator in California, Oregon, Washington, and Idaho.
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At present, approximately 25,000 Rite Aid pharmacists, technicians, front- end, and warehouse workers have union representation. These unions - the Service Employees International Union (SEIU), the United Food and Commercial Workers (UFCW), the International Brotherhood of Teamsters - collectively represent over 5 million U.S. workers.
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In 1996 Rite Aid continued to restructure its business to operate larger, higher-volume, and more profitable drugstores. In June the company purchased Taylor Drugs, a chain of 34 stores operating in Louisville, Kentucky. Rite Aid, already the largest drugstore operator in the state, entered Louisville with a major share of the market. At the same time, the company divested operations in certain areas where its market share was weak. During 1996 Rite Aid sold 37 drugstores and the assets of 72 more stores in Florida, as well as 33 drugstores and the assets of 21 others located in Massachusetts and Rhode Island. In October 1996 the company reached an agreement to sell 190 stores in North and South Carolina to J.C.
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Rite Aid Corp. appeals the judgment of the Court of Federal Claims, Rite Aid Corp. v. United States, 46 Fed. Cl. 500 (2000), granting summary judgment for the government that Treasury Regulation (Treas. Reg.) ยง 1.1502-20 is not arbitrary, capricious or manifestly contrary to law.
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