CVS polishes off deal to buy former Rite Aid stores, prescription files

CVS has finished buying customer prescription files from hundreds of closed Rite Aid drugstores and is now running 63 of the defunct chain’s locations.The company said Wednesday that it is operating former Rite Aid and Bartell Drugs stores in Idaho, Oregon and Washington. It also has transferred customer prescription files from 626 pharmacies in 15 states to nearby CVS locations.CVS Health did not say how much it spent on the stores and prescription files. Rite Aid recently announced on its website that its stores have closed. The company said in May that it was seeking bankruptcy protection and would look to sell substantially all of its assets.Philadelphia-based Rite Aid once ran more than 4,000 stores mostly on the East Coast. It initially filed for bankruptcy protection in October 2023 after struggling with debt and posting annual losses for several years.The chain emerged from that Chapter 11 reorganization in 2024 as a private company. It said then that it had less debt, was more efficient and now operated a “rightsized store footprint.”But the recovery didn’t stick with Rite Aid down to around 1,200 stores. The chain was attempting to turn around its business in a tough environment.Major chains and independent pharmacies have been closing stores and struggling with challenges like increased theft and customers who are drifting more to online shopping and discount retailers.Walgreens, which has more than six times as many stores as Rite Aid, agreed in March to be acquired by the private equity firm Sycamore Partners.Woonsocket, Rhode Island-based CVS Health Corp. runs several thousand drugstores. It also operates a large pharmacy benefits management business, and its Aetna health insurance segment covers nearly 27 million people.Should You Invest $1,000 in Rite Aid Right Now?Before you consider Rite Aid, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Rite Aid wasn't on the list.While Rite Aid currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here