Pharmacy chain Walgreens and celebrity entrepreneur Kourtney Kardashian are among those exploring bids for Rite Aid’s remaining assets as the retailer works through its bankruptcy proceedings, sources told Reuters.
Walgreens, along with brand management firms Authentic Brands Group, WHP Global and Marquee Brands, is eyeing Rite Aid’s intellectual property and customer loyalty program, according to people familiar with the matter.
All three brand firms have experience acquiring distressed retail brands out of bankruptcy and reviving them through licensing deals.
Meanwhile, Kardashian is reportedly interested in acquiring Rite Aid’s legacy Thrifty ice cream brand, which dates back to 1940 and is currently sold in select Rite Aid locations and via grocery retailers nationwide.
The Poosh and Lemme founder, who counts herself among Thrifty’s celebrity fans, may pursue a bid individually or with a partner.
Rite Aid, which operates around 1,200 stores and has 8 million customers, filed for bankruptcy in May, its second filing in two years.
A judge has already approved the sale of prescription files to 13 buyers, including Walgreens and CVS Health.
The Thrifty brand has attracted interest from other consumer-focused private equity firms as well, sources said.
Rite Aid, Walgreens, and the brand firms declined to comment, while representatives for Kardashian and Marquee Brands did not respond. Bids for the remaining assets, including Thrifty and Rite Aid’s brand portfolio, are due by June 18.
The Pennsylvania-based chain has faced mounting pressure from debt, inflation, and stiff competition in the pharmacy sector.
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