Rite Aid enters into series of sale transactions, including with CVS Pharmacy
Rite Aid announced late Thursday 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 by CVS Pharmacy of many Rite Aid and Bartell Drugs stores located in Washington, Oregon and Idaho.
Importantly, during the transition, Rite Aid said stores will remain open, and customers can continue to access their pharmacy services, including prescription refills and immunizations, without interruption.
Matt Schroeder, CEO 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.”
[Related: Rite Aid pursuing a sale, files second bankruptcy proceedings]
The 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.
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 [email protected]. Information for landlords is available by contacting A&G Realty Partners at http://www.agrep.com/index.php/active-projects.
Paul, Weiss, Rifkind, Wharton & Garrison is serving as legal advisor, Guggenheim Securities is serving as investment banker and Alvarez & Marsal is serving as financial advisor to the company. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the company.
[Related: Rite Aid reportedly considering repeat bankruptcy filing]