-
Rite Aid divestiture a “transformative” event for Fred’s
MEMPHIS, Tenn. — Fred’s Pharmacy is about to transition from a regional Southeastern retailer to national pharmacy powerhouse, starting with the bottom line.
In a statement, Fred's stated it expects the acquired stores gained from the Walgreens-Rite Aid announced store divestiture “would be accretive to earnings and generate substantial cash flow.” Net sales at Fred’s totaled $2.15 billion for the year ended January 30, 2016. Net loss came in at $7.37 million during this period.
-
Walgreens Boots Alliance and Rite Aid agree to sell 865 Rite Aid stores to Fred’s Pharmacy
DEERFIELD, Ill. & CAMP HILL, Pa. — Walgreens Boots Alliance and Rite Aid have entered into an agreement to sell 865 Rite Aid stores and certain assets related to store operations to Fred’s for $950 million.
The transaction is subject to Federal Trade Commission approval, the approval and completion of the pending acquisition of Rite Aid by Walgreens Boots Alliance, and other customary closing conditions.