Rite Aid successfully transfers first stores to Walgreens Boots Alliance

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Rite Aid successfully transfers first stores to Walgreens Boots Alliance

By Michael Johnsen - 11/28/2017
Camp Hill, Pa.-based Rite Aid late Monday announced that it has completed the pilot closing and first subsequent closings under the amended and restated asset purchase agreement with Walgreens Boots Alliance.

"Successfully completing the pilot closing and first subsequent closings marks an important step in realizing the full benefits of this transaction," stated John Standley, Rite Aid chairman and CEO. "I am proud of the entire Rite Aid team for their commitment and dedication to helping us reach this milestone. I also want to thank our team for their continued support as we complete the transfer process over the next several months and implement our plans to deliver improved results."

Rite Aid executed the transfer of 97 stores and related assets to Walgreens.

Under the amended and restated agreement, WBA will purchase a total of 1,932 stores, three distribution centers and related inventory from Rite Aid for an all-cash purchase price of $4.375 billion on a cash-free, debt-free basis. Rite Aid and WBA expect to continue to transfer ownership of the stores in phases over the coming months, with the goal being to complete the store transfers in spring of 2018.