PHILADELPHIA— Rite Aid Corp. has announced that it has successfully entered into a series of sale agreements and pharmacy services transition agreements. This includes the rolling transition of pharmacy assets from more than 1,000 store locations across the U.S. to operators including CVS Pharmacy, Walgreens, Albertsons, Kroger, and Giant Eagle, among others, as well as the sale and operation. CVS Pharmacy will buy and operate many Rite Aid and Bartell Drugs stores in Washington, Oregon and Idaho.
Importantly, during the transition, Rite Aid stores will remain open, and customers can continue to access their pharmacy services, including prescription refills and immunizations, without interruption.
Matt Schroeder, chief executive officer of Rite Aid, said, “A key priority for Rite Aid is to ensure that as many of our loyal customers as possible continue to receive the pharmacy services and care they require without interruption. These agreements ensure our pharmacy customers will experience a smooth transition while preserving jobs for some of our valued team members.”
CVS issued the following statement on the sale transaction:
"CVS Pharmacy participated in a bankruptcy court approved bidding process and has agreed to acquire the prescription files of 625 Rite Aid pharmacies across fifteen states in areas that CVS serves and to acquire and operate 64 Rite Aid stores in Idaho, Oregon, and Washington. The transaction is subject to the approval of the U.S. Bankruptcy Court for the District of New Jersey, applicable regulatory approvals, and other customary closing conditions. Additional details about the transaction will be available following the upcoming hearing on approval of the sale to CVS Pharmacy.
"CVS Pharmacy is America’s leading and best run national retail pharmacy with more than 9,000 community health destinations across the country. We’re well-positioned to serve our existing customers and patients, as well as those who may be transitioning to us from Rite Aid and are excited to introduce them to our best-in-class front store and pharmacy offerings if the transaction is approved. CVS Pharmacy plays an important and trusted role in the communities we serve, creating simpler, more accessible experiences for patients, customers, and caregivers.
We’re working closely with Rite Aid on plans to ensure that the transition will be seamless for patients and customers and access to pharmacy care is not interrupted. Once the sale is finalized, we look forward to welcoming Rite Aid colleagues who are interested in applying to join the CVS team."
Rite Aid sale transactions are subject to approval by the U.S. Bankruptcy Court for the District of New Jersey (the “Court”). The Court is currently scheduled to conduct a hearing to approve the sales on May 21, 2025. Upon approval from the Court, the sales will remain subject to certain regulatory notices and approvals, and other customary closing conditions.
Additional Information Regarding the Court-Supervised Process
Filings and other information related to the court-supervised proceedings are available at https://restructuring.ra.kroll.com/RiteAid2025, by calling the Company’s claims agent, Kroll, toll-free at (888) 575-9318, or +1 (646) 930-4577 for calls originating outside of the U.S. or Canada, or by emailing Kroll at RiteAid2025Info@ra.kroll.com. Information for landlords is available by contacting A&G Realty Partners at http://www.agrep.com/index.php/active-projects.
