Over 800 Rite Aid Stores Slated To Be Sold in $950 Million Transaction

READING, MA — Over 800 Rite Aid stores will likely be changing hands in coming months, after Walgreens and Rite Aid agreed to sell stores to Fred's Pharmacy, the companies announced Tuesday. Pending approval from the Federal Trade Commission, Walgreens Boots Alliance, Inc. and the Rite Aid Corporation agreed to sell 865 Rite Aid stores and certain assets related to operations to the Memphis-based Fred's pharmacy for $950 million.

According to a press release issued Tuesday, Fred's Pharmacy expects to continue to employ all store associates and certain field and regional associates related to the operations of the acquired stores. There is two Rite Aid stores in Reading, one is on Bolton Street and the other is on Haven Street.

“We are pleased to have found an experienced pharmacy operator for these stores,” said Walgreens Boots Alliance Executive Vice Chairman and CEO Stefano Pessina in a statement. “With this agreement, we are moving ahead with important work necessary to obtain approval of our acquisition of Rite Aid. We look forward to continuing to provide our customers and patients with the highest level of care and attention.”

The move was made in response to concerns from the FTC over Walgreens' proposed acquisition of Rite Aid. The proposed transaction would make Fred's Pharmacy one of the United State's largest drugstore chains. According to a report from the Boston Business Journal, there are 146 Massachusetts locations.

The companies did not indicate which stores would be sold.

“We greatly appreciate the dedication of our Rite Aid associates who are taking great care of our customers and patients during this period," said Rite Aid Chairman and CEO John Standley in the press release. "We look forward to working closely with Fred’s to ensure a smooth, successful transition for our customers, patients and associates in the divested stores.”

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