CVS Health gets court approval of Rite Aid asset bids
The U.S. Bankruptcy Court of New Jersey approved CVS Pharmacy bids on the prescription files of 625 Rite Aid pharmacies across 15 states in areas that CVS serves, as well 64 Rite Aid stores in Idaho, Oregon and Washington. The transaction is subject to applicable regulatory approvals and other customary closing conditions. Additional details will be available closer to the transaction closing dates in the coming weeks, CVS Health said.
[Read more: Rite Aid pursuing a sale, files second bankruptcy proceedings]
CVS Health issued the following statement: “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, upon the closings of the transactions.
The statement added, "CVS Pharmacy plays an important and trusted role in the communities we serve, creating simpler, more accessible experiences for patients, customers and caregivers."
[Read more: Rite Aid enters into series of sale transactions, including with CVS Pharmacy]
The statement concluded, "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."