CVS to Acquire Rite Aid Stores, Files in Bankruptcy

CVS Health has confirmed it will acquire and operate 64 Rite Aid stores in Idaho, Oregon, and Washington, and purchase the prescription files from 625 Rite Aid pharmacies across 15 states, as part of Rite Aid's court-supervised bankruptcy asset sale. Rite Aid, facing bankruptcy for the second time in less than two years due to financial difficulties, is selling more than 1,000 stores and pharmacy assets. Major competitors, including Walgreens, Albertsons, Kroger, and Giant Eagle, are also bidding, though their plans for physical stores versus prescription files remain unclear. Rite Aid has promised customers that stores will remain open and pharmacy services will continue during the transition. CEO Matthew Schroeder has reiterated that Rite Aid will not emerge from bankruptcy and will cease to exist after asset sales are finalized. The deal aims to preserve jobs and maintain continuity of care for customers.