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albertsons to buy remaining rite aid stores

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It was reported on 02/20/18 that supermarket operator Albertsons Companies Inc will buy the rest of Rite Aid Corp not being sold to Walgreens Boots Alliance.

Directors of both companies have approved the deal, which is expected to close early in the second half of 2018, subject to approval by Rite Aid shareholders and regulatory approvals. Albertsons owns about 2300 supermarket stores mainly on the East and West coasts of the United States and also operates about 1800 pharmacies. Albertsons groceries include Safeway, Vons, Jewel-Osco, Shaw’s, Acme, Tom Thumb, Randalls, United Supermarkets, Pavilions, Star Market, Haggen, Carrs and the New York-based meal kit company Plated. Rite Aid owns about 2,569 drug stores, after it sold 1,932 pharmacies to Walgreens for $4.38 billion.

Most Albertsons' pharmacies will be rebranded as Rite Aid, and the company will continue to operate Rite Aid's stand-alone stores. In some markets, like cities where Jewel-Osco has a stronger brand, the stores will not be rebranded Rite Aid.

Rite Aid CEO John Standley said the deal would enable the drugstore operator to expand the number of food items it offers while at the same time increase Rite Aid’s online offerings.

kfgo.com | cnbc.com | usatoday.com | investopedia.com | forbes.com

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