Rite Aid, which filed for bankruptcy earlier this month, is selling the pharmacy operations at more than 1,000 of its stores to major chains including CVS, Walgreens, Albertsons, Kroger and Giant Eagle.
The company said its stores will remain open during the transition, and customers can continue to fill prescriptions and get immunizations without interruption. Pharmacy services will gradually shift to the new operators, while some locations — particularly in Washington, Oregon and Idaho — will be fully taken over and operated by CVS Pharmacy.
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“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,” said Rite Aid CEO Matt Schroeder. “These agreements ensure our pharmacy customers will experience a smooth transition while preserving jobs for some of our valued team members.”
The sales are subject to approval by a U.S. bankruptcy court. The deals must also clear regulatory reviews and meet other standard closing conditions.
Rite Aid now has fewer than 1,300 locations, having closed 800 stores in the last few years.
