MASSACHUSETTS — Rite Aid has announced a “rolling transition” of its pharmacy assets from more than a thousand stores across the country, including its Massachusetts locations.
The assets will be transferred to CVS, Walgreens, Albertsons, Kroger and Giant Eagle, among others. CVS said it is acquiring the prescription files of 625 Rite Aid pharmacies in 15 states and purchasing 64 Rite Aid stores in Idaho, Oregon and Washington.
“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,” Rite Aid CEO Matt Schroeder said in a statement. “These agreements ensure our pharmacy customers will experience a smooth transition while preserving jobs for some of our valued team members.”
Rite Aid has not yet told people where their prescriptions are being transferred as the asset transactions have to be approved by U.S. Bankruptcy Court. A hearing on the transactions is slated for Wednesday.
On May 5, Philadelphia-based Rite Aid filed for bankruptcy for the second time in less than two years after the previous restructuring lessened the pharmacy chain’s debt but still left it on unsound financial footing.
Rite Aid announced last week that is closing 68 locations in seven states as it maneuvers through bankruptcy, with the majority of the closures occurring in Pennsylvania. U.S. Bankruptcy Court documents indicate 44 Rite Aid stores in the state will be shuttered. That’s in addition to the previously announced closure of eight stores.
According to its website, four Rite Aid stores remain in Massachusetts:
