Court Approves CVS Health's Bids on Rite Aid Assets
The U.S. Bankruptcy Court of New Jersey has approved CVS Pharmacy's bids on the prescription files of 625 Rite Aid pharmacies across 15 states in areas that CVS serves, as well 64 Rite Aid stores in Idaho, Oregon and Washington state. The transaction is subject to applicable regulatory approvals and other customary closing conditions. Additional details will be available closer to the transaction closing dates in the coming weeks.
Last week, Rite Aid entered into a series of sales and pharmacy services transition agreements amid its second bankruptcy filing. Those deals include the rolling transition of pharmacy assets from more than 1,000 Rite Aid locations across the United States to operators that included CVS Pharmacy.
CVS issued the followed statement: "We’re well positioned to serve our existing customers and patients, as well as those who may be transitioning to us from Rite Aid, and are excited to introduce them to our best-in-class front store and pharmacy offerings, upon the closings of the transactions. CVS Pharmacy plays an important and trusted role in the communities we serve, creating simpler, more accessible experiences for patients, customers and caregivers."
CVS is working with Rite Aid on plans to ensure that the transition will be seamless for patients and customers and that access to pharmacy care isn't interrupted.
The retailer invites Rite Aid colleagues who are interested in applying to join the CVS team. Albertsons Cos. has made a similar invitation to affected Rite Aid employees.
As of Dec. 31, 2024, Woonsocket, R.I.-based CVS Health had more than 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics, a leading pharmacy benefits manager with approximately 90 million plan members, and a senior pharmacy care business serving more than 800,000 patients per year. The company is No. 5 on The PG 100, Progressive Grocer’s 2025 list of the top food and consumables retailers in North America. Philadelphia-based drug store chain Rite Aid is No. 26 on PG's list.
