Rite Aid Prepares to Sell Remaining Assets

Core Insights - Rite Aid is nearing a June 18 deadline for bidding on its remaining assets, with potential buyers including Walgreens, Kourtney Kardashian, private equity firms, and brand management companies [1][3] - The company filed for bankruptcy in May, marking its second filing in three years, primarily due to high debt, inflationary pressures, and competition [4][5] Group 1: Bankruptcy and Asset Sale - Rite Aid operates 1,200 stores and has over $2 billion in debt, facing challenges from inflation and lower consumer demand [4][5] - A bankruptcy judge has approved store closures and the sale of customer prescription files to CVS Health, Walmart, and others [3] - Rite Aid is pursuing a strategic sale process for substantially all of its assets, with a focus on maximizing value [5] Group 2: Store Closures and Sales - The company has targeted 210 store closures, with 95 locations revealed on May 19 [6] - Agreements have been reached to sell prescription files for over 1,000 pharmacy locations, with CVS, Walgreens, and others as successful bidders [6][7] - CVS plans to purchase prescription files for 625 locations and take over 64 physical Rite Aid stores [7]