CVS Health has finalised its purchase of 63 Rite Aid and Bartell Drugs stores across Idaho, Oregon, and Washington, along with the prescription files of 626 additional locations in 15 states, expanding its retail footprint and pharmacy network.
The deal, which comes five months after Rite Aid filed for bankruptcy, was initially announced in May and later approved by a bankruptcy judge.
At the time, CVS had planned to acquire 64 stores and 625 prescription files, making only slight adjustments to the final agreement.
As part of the transaction, CVS will also hire more than 3,500 former Rite Aid employees and has made targeted investments in existing CVS stores to accommodate an influx of new customers.
These include enhancing in-store support and expanding associate training programmes.
“We’re helping maintain and expand access to convenient and trusted pharmacy care across the US and growing our retail footprint and presence in local communities,” said Len Shankman, executive vice president and president of Pharmacy and Consumer Wellness at CVS Health.
“From our innovative pharmacy care programmes to our exclusive store brand products, we look forward to showing Rite Aid and Bartell Drugs patients and customers all that CVS has to offer.”
Through the acquisition, CVS gains access to an estimated 9 million new customers. The company said it focused on ensuring prescription access and convenience when selecting which stores and files to acquire. Nearly half of the CVS locations receiving transferred prescription files are within one mile of a former Rite Aid store, and most are within three miles.
The deal marks one of the final chapters in Rite Aid’s long decline. The chain, which filed for Chapter 11 bankruptcy protection twice in two years, sold off more than 1,000 of its roughly 1,300 stores as part of its liquidation.
In its first bankruptcy, Rite Aid shed $2 billion in debt and secured $2.5 billion in exit financing, but ongoing challenges — including supplier restrictions, high debt, and shifting consumer behaviour — left the company unable to recover.
The retailer shut down its remaining stores earlier this month, bringing an end to its 63-year history.
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