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Last Updated:
2024-09-22 08:20:01

Rite Aid

American drugstore chain based in Philadelphia
American drugstore chain based in Philadelphia

Rite Aid, founded in 1962, is the third-largest drugstore chain in the US with over 2,000 stores. It went public in 1968 and filed for bankruptcy in 2023 due to debt and opioid crisis lawsuits.

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1962-09
Rite Aid Corporation Founded as Thrift D Discount Center

Rite Aid Corporation, originally known as Thrift D Discount Center, was founded in September 1962 in Scranton, Pennsylvania by Alex Grass. It later expanded and became one of the largest drugstore chains in the United States.

1965
Rite Aid expands to Connecticut

In 1965, Rite Aid expanded its operations to Connecticut, increasing its store count to 25.

1966
First Rite Aid pharmacy opens in New Rochelle, New York

In 1966, the first Rite Aid pharmacy was established in one of the firm's drugstores in New Rochelle, New York.

1968
Official name change to Rite Aid Corporation

In 1968, the company officially changed its name to Rite Aid Corporation.

1970
Listing on New York Stock Exchange

In 1970, Rite Aid's stock moved over to the New York Stock Exchange (NYSE).

1971
Rite Aid acquires Sera-Tec Biologicals, Inc.

In 1971, Rite Aid acquired Sera-Tec Biologicals, Inc., marking a period of rapid growth for the company.

1972
Rite Aid's Healthy Growth

By 1972, Rite Aid had expanded rapidly to 267 locations in 10 states after a public stock offering. The company experienced significant growth under the leadership of Alex Grass.

1976
Rite Aid acquires Keystone Centers, Inc.

By 1976, Rite Aid acquired the 52-store Keystone Centers, Inc., expanding its presence in Pennsylvania and New Jersey.

1979
Rite Aid acquires U-Save and Shop Rite stores

In 1979, Rite Aid acquired six U-Save stores in North Carolina and eastern Tennessee, as well as nine Shop Rite stores in the Hudson Valley.

1980
Rite Aid becomes one of the largest plasma suppliers

In 1980, Rite Aid became one of the nation’s largest suppliers of plasma with the opening of its ninth plasmapheresis center.

1981
Rite Aid Becomes Third-Largest Retail Drugstore Chain

In 1981, Rite Aid achieved the status of being the third-largest retail drugstore chain in the United States. This marked a milestone in the company's growth and expansion.

1982
Rite Aid becomes the largest US drug chain

In 1982, Rite Aid became the largest United States drug chain in terms of stores and market share in several states.

1983
Rite Aid achieves $1 billion in sales

In 1983, Rite Aid reached a significant milestone by achieving $1 billion in sales.

1984
Rite Aid expands to Michigan

In 1984, Rite Aid expanded its operations to Michigan through a series of acquisitions.

1987
Rite Aid acquires Gray Drug

In 1987, Rite Aid acquired Gray Drug, adding 420 stores in 11 states and becoming the largest drugstore chain in the U.S. with over 2,000 stores.

1988
Rite Aid acquires Begley Company and Gray Drug Fair

In 1988, Rite Aid acquired the Begley Company and the balance of Gray Drug Fair, expanding its presence in Kentucky and several other states.

1989
Rite Aid acquires People’s Drug Stores and Lane Drug units

In 1989, Rite Aid acquired 99 People’s Drug Stores and 18 Lane Drug units, continuing its expansion.

1995
Rite Aid sells Massachusetts stores to Brooks

In 1995, Rite Aid sold all of its Massachusetts stores to Brooks Eckerd. This transaction was part of the history leading to the eventual acquisition of Brooks Eckerd by Rite Aid.

1996
Rite Aid doubles in size to 4,000 stores

By 1996, Rite Aid had doubled in size to 4,000 stores through various acquisitions, including Read’s Drug Store, Lane Drug, Hook's Drug, Harco, K&B, Perry Drug Stores, and Thrifty PayLess.

1998
Expansion to West Coast and Gulf Coast Region

In 1998, Rite Aid expanded its presence to the West Coast and Gulf Coast region through the acquisitions of Thrifty PayLess Holdings, Inc., Harco, Inc., & K & B Inc., which added over 1,000 stores to the company.

1999
Acquisition of PCS Health Systems

Rite Aid acquired pharmacy benefits manager PCS Health Systems in 1999.

2001-07
Rite Aid Improves Pharmacy Complaint Process

In July 2001, Rite Aid agreed to enhance its pharmacy complaint process by implementing a new program to address consumer complaints. This initiative aimed to improve customer satisfaction and service quality.

2002
SEC Announces Criminal Charges Against Rite Aid Executives

In 2002, the SEC announced criminal charges against top Rite Aid executives for accounting fraud. CEO Martin Grass, son of the founder, served six years in prison.

2003
Martin Grass Sentencing

Martin Grass, the former CEO of Rite Aid and son of the company's founder, was sentenced to eight years in prison in 2003 for his role in overstating net income through fraudulent schemes, marking a severe punishment for accounting-related crimes.

2004-07-25
Rite Aid False Prescription Claims Settlement

On July 25, 2004, Rite Aid agreed to pay $7 million to settle allegations of submitting false prescription claims to United States government health insurance programs.

2006-08-23
Rite Aid acquires Brooks Eckerd

On August 23, 2006, The Wall Street Journal announced that Rite Aid would acquire Brooks Eckerd, with 1,858 Eckerd Pharmacy and Brooks Pharmacy stores, from the Quebec-based Jean Coutu Group for US$3.4 billion. The merger was approved by shareholders on January 18, 2007, and finalized on June 4 of the same year.

2007-09
Rebranding of Eckerd stores to Rite Aid

Following the acquisition, Rite Aid announced that all Eckerd stores would be rebranded, retiring the 109-year-old Eckerd banner. By September 2007, all stores had been converted to Rite Aid.

2008-01-04
Closure of Rite Aid stores in Las Vegas Valley

On January 4, 2008, Rite Aid announced the closure of all 28 of its stores in the Las Vegas Valley, selling patient prescription files to Walgreens due to Las Vegas being a non-core market.

2008-09-11
Record-breaking losses for Rite Aid

In 2008, Rite Aid saw record-breaking losses, with shares falling over 75% between September 2007 and September 2008. The stock closed at a low of $0.98 on September 11, 2008.

2009-02-05
Termination of Rite Aid stores in San Francisco and eastern Idaho

On February 5, 2009, Rite Aid announced the termination of operations of seven stores in San Francisco and five stores in eastern Idaho through a sale to Walgreens.

2009-08-27
Death of Rite Aid Founder Alex Grass

Founder Alex Grass passed away from cancer on August 27, 2009.

2010-04-18
Wellness+ Card Launch

Rite Aid introduced the Wellness+ card, a free shopping rewards card, nationwide on April 18, 2010. It later became part of the Plenti rewards program backed by American Express before transitioning to the Wellness+ BonusCash program in 2018.

2014
Rite Aid Acquires Health Dialog

In 2014, Rite Aid acquired Health Dialog, a company providing personalized healthcare coaching and disease management services.

2015-10-27
Walgreens announces acquisition of Rite Aid

On October 27, 2015, Walgreens Boots Alliance revealed plans to acquire Rite Aid for $9.4 billion, aiming to become the largest pharmacy chain in the US.

2016-02-04
Rite Aid shareholders approve Walgreens takeover

On February 4, 2016, Rite Aid shareholders approved the $9 per share takeover offer from Walgreens, signaling the end of an era for the Pennsylvania-based pharmacy chain.

2016-12-21
Rite Aid announces sale of stores to Fred's

Rite Aid announced the sale of 865 stores to Fred's for $950 million to address antitrust concerns, but the FTC requested the sale of 650 additional stores.

2017-06-29
Walgreens cancels merger with Rite Aid

Walgreens announced the cancellation of the merger with Rite Aid on June 29, 2017, and instead offered to purchase 2,186 Rite Aid stores.

2018-01-01
Introduction of Wellness+ BonusCash

On January 1, 2018, Rite Aid replaced the Plenti points system with Wellness+ BonusCash, allowing customers to earn rewards that could only be redeemed at Rite Aid locations.

2018-02-20
Albertsons agrees to acquire Rite Aid

On February 20, 2018, supermarket retailer Albertsons announced a deal to acquire Rite Aid for $24 billion.

2018-03-27
Completion of revised sale to Walgreens

The revised deal where Walgreens purchased 1,932 Rite Aid locations for $4.38 billion was approved by the FTC on September 19 and completed on March 27, 2018.

2018-08-08
Merger talks between Albertsons and Rite Aid called off

On August 8, 2018, the night before the scheduled shareholder vote, Albertsons and Rite Aid decided to cancel their merger plans due to opposition from Rite Aid's shareholders.

2018-09-14
Hall v. Rite Aid Corporation Settlement Approval

On September 14, 2018, the Court granted preliminary approval of the $18 million settlement in the Hall v. Rite Aid Corporation lawsuit regarding employee seating.

2019-01
Rite Aid's 1-for-20 Reverse Stock Split

To address the non-compliance issue, Rite Aid implemented a 1-for-20 reverse stock split, which increased the stock price above the required threshold. Subsequently, the stock began trading around $10 per share.

2019-06
Amazon Counter Service Launch

In June 2019, Amazon announced a partnership with Rite Aid to offer Amazon shoppers the option to pick up purchases at designated counters in over 100 Rite Aid stores across the US, expanding the convenience of online shopping.

2020-07
Rite Aid Surveillance Practices

In July 2020, it was reported that Rite Aid had used facial recognition video surveillance systems at some retail locations, which were later discontinued in response to concerns.

2020-10
Rite Aid acquires Bartell Drugs

In October 2020, Rite Aid announced the acquisition of Bartell Drugs, a 67-location Seattle-area chain, for $95 million.

2021-04
Rite Aid Full-Year Earnings Report for 2021 Fiscal Year

In April 2021, Rite Aid disclosed its full-year earnings for the 2021 fiscal year. The company reported an adjusted EBITDA for continuing operations of $437.7 million, a decrease from the previous year's $538.2 million. Additionally, Rite Aid reported a net loss from continuing operations of $100.1 million for the year.

2022-07-14
Rite Aid Opioid Epidemic Settlement

On July 14, 2022, Rite Aid settled for $10.5 million with counties in Georgia, North Carolina, and Ohio to avoid upcoming trials related to the opioid epidemic in the U.S.

2022-09-11
Rite Aid 60th Anniversary Sweepstakes Begins

The Rite Aid 60th Anniversary Sweepstakes starts at 12:00 a.m. ET on September 11, 2022, marking the beginning of the promotional event.

2022-10-22
Rite Aid 60th Anniversary Sweepstakes Ends

The Rite Aid 60th Anniversary Sweepstakes concludes at 11:59 p.m. ET on October 22, 2022, signifying the end of the promotional period.

2022-11-15
Rite Aid 60th Anniversary Sweepstakes Winners Announcement

The names of the winners of the Rite Aid 60th Anniversary Sweepstakes will be available after November 15, 2022. Entrants can request the winners' list by sending an email to Winners@dja.com with the specified subject line.

2022-11-30
Deadline for Winners List Request

Requests for the winners' list of the Rite Aid 60th Anniversary Sweepstakes must be received by November 30, 2022. The list will be sent after all prizes have been awarded.

2023-03-14
United States Government Lawsuit Against Rite Aid

The United States government sued Rite Aid on March 14, 2023, for illegally filling hundreds of thousands of prescriptions for controlled substances, including opioids, from May 2014 to June 2019.

2023-08-25
Rite Aid prepares for Chapter 11 bankruptcy

On August 25, 2023, Rite Aid announced its preparation to file for Chapter 11 bankruptcy protection to settle lawsuits over the opioid crisis.

2023-10-15
Rite Aid Files for Chapter 11 Bankruptcy Protection

Amid opioid lawsuits and legal battles, Rite Aid and its affiliated debtors filed for Chapter 11 bankruptcy protection in the United States District Court for the District of New Jersey. The company secured $3.5 billion in financing to stay afloat through bankruptcy.

2023-10-16
Rite Aid Announces Closure of Additional Stores

Rite Aid announced the closure of 92 stores as part of the bankruptcy procedure. The company also warned investors about the possibility of permanently shuttering or selling all remaining stores.

2023-10-18
Rite Aid Warns of Possible Store Closures

Rite Aid warned investors that it might not survive the bankruptcy filing and could potentially have to close or sell all remaining stores within the next twelve months. The company also closed 154 stores on this day.

2023-10-19
Walgreens Settles Lawsuit with Rite Aid Investors

Walgreens agreed to pay $192.5 million to settle a lawsuit from Rite Aid investors who accused them of misleading about their bid to acquire Rite Aid in 2017.

2023-11-16
Rite Aid Sues US Department of Justice Over Opioid Lawsuit

Rite Aid sued the US Department of Justice to block an opioid lawsuit accusing the company of ignoring warnings and falsely filing prescriptions for addictive opioids.

2023-11-21
Bankruptcy Judge Orders Rite Aid to Reorganize Operations

A bankruptcy judge ordered Rite Aid to fully reorganize its operations by March 1, 2024, warning of potential liquidation if the deadline is not met.

2023-12-19
Rite Aid Agrees to Bankruptcy Mediation with Opioid Victims

Rite Aid entered bankruptcy mediation with opioid victims and creditors supervised by the court. The company also settled with the FTC over misuse of facial recognition technology.

2023-12-21
Rite Aid Sells Elixir Division to MedImpact Healthcare Systems

Rite Aid cancelled an auction for its Elixir division and sold it to MedImpact Healthcare Systems for approximately $575 million.

2024
Rite Aid Completes Sale of Elixir Solutions Business to MedImpact Healthcare Systems

Rite Aid finalizes the sale of its Elixir Solutions business to MedImpact Healthcare Systems, Inc.

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Rite Aid
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