CVS takes over Rite Aid assets in bankruptcy deal

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CVS Pharmacy announced it would take over select Rite Aid assets across the United States, including the prescription files from 626 stores, in a news release on Oct. 15.

The drugstore chain acquired stores in Idaho, Oregon and Washington as well as prescriptions in 15 states, resulting in the company gaining over 9 million former Rite Aid and Bartell Drugs patients.

“We’re helping maintain and expand access to convenient and trusted pharmacy care across the U.S. and growing our retail footprint and presence in local communities,” Len Shankman, President of Pharmacy and Consumer Wellness for CVS Health, said in the release.

The company said it hired more than 3,500 former Rite Aid and Bartell Drug employees and that most locations that received prescription files from Rite Aid are located within three miles of a former Rite Aid store.

CVS announced the approval of the acquisition of the assets from the bankruptcy on May 21. Rite Aid found buyers for customer files at 810 of its stores, but did not find buyers for files at 200 other locations, according to Reuters.

Rite Aid announced that it filed for Chapter 11 bankruptcy in May, the second time the company has done so since October 2023. It closed its stores on Oct. 3.

Where did other Rite Aid assets go?

Walgreens took on prescription files from specific Rite Aid pharmacy locations in nine states, a company spokesperson said in a statement to USA TODAY in May. Rite Aid prescription files were also transferred to Albertsons, Kroger, Giant Eagle, and other operators, USA TODAY previously reported.

“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,” Matt Schroeder, CEO of Rite Aid, said in a statement following the approval of the transfers.

Thrifty Ice Cream, a long-time symbol of the pharmacy chain, was sold to a holding company tied to Monster Beverage Corporation executives Hilton Schlosberg and Rodney Sacks. Hilrod Holdings said that they “plan to revitalize Thrifty without altering the core of what made it unforgettable for over 85 years” in an Aug. 7 press release.

Contributing: USA TODAY’s Jonathan Limehouse