PHILADELPHIA, PA — Rite Aid Corporation announced the signing of multiple sale and transition agreements on May 15, marking a significant step in the company’s restructuring process. The agreements involve transitioning pharmacy assets from over 1,000 store locations across the United States to major operators, including CVS Pharmacy, Walgreens, Albertsons, Kroger, and Giant Eagle.
Notably, CVS Pharmacy will also take over many Rite Aid and Bartell Drugs store locations in Washington, Oregon, and Idaho. Despite the extensive transitions, Rite Aid emphasized that customers would experience no disruptions to their pharmacy services, including prescription refills and immunizations.
“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 Matt Schroeder, Chief Executive Officer of Rite Aid. “These agreements ensure our pharmacy customers will experience a smooth transition while preserving jobs for some of our valued team members.”
Sale Agreements and Court Approval
The transaction agreements are part of a court-supervised process and are subject to approval by the U.S. Bankruptcy Court for the District of New Jersey. A hearing on the sales was conducted on May 21, 2025, with finalization contingent on regulatory approvals and standard closing conditions.
Assurance of Continued Service
Throughout the transition period, Rite Aid stores will remain operational, and all pharmacy services will continue uninterrupted. This focus on customer care has been a consistent message from the company as it navigates the transition.
Strategic Advisors
To guide this process, Rite Aid has engaged key advisors, including Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal counsel, Guggenheim Securities, LLC as investment banker, and Alvarez & Marsal as financial advisor. The company’s strategic communications efforts are being managed by Joele Frank, Wilkinson Brimmer Katcher.
The successful execution of these agreements signals a new chapter for Rite Aid as it works to stabilize operations and ensure continuity for its customers and employees.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.