Bankruptcy court approves Rite Aid acquisition

A U.S. bankruptcy court judge has approved Rite Aid Corp.'s acquisition of 12 pharmacies from a grocery chain that is closing the stores the pharmacies are housed in, according to company officials.

Judge Robert D. Drain of the Southern District of New York approved the sale Monday, allowing Rite Aid to acquire the pharmacy operations of 12 stores of the Great Atlantic & Pacific Tea Co. Inc. chain, which operates stores such as A&P, Pathmark and Super Fresh.

The locations became available through bankruptcy proceedings for Great Atlantic & Pacific Tea. Rite Aid was one of 16 bidders approached about acquiring the pharmacies, according to court documents.

Rite Aid will pay about $8.03 million for the pharmacy operations of the stores — which includes the prescription business and inventories — and move them to the closest Rite Aid or affiliate Rite Aid stores.

“Over the next few weeks, patients will be notified that their prescriptions will be available for pickup at a nearby Rite Aid location,” said Rite Aid spokeswoman Kristin Kellum. “We are working closely with the company to ensure patients will see a seamless transition.”

Seven of the stores are in New Jersey, four are in Pennsylvania — all in the Philadelphia area — and another is in Delaware.

“This acquisition is a good business opportunity for Rite Aid to expand and strengthen its brand within the markets we currently operate, while continuing to offer convenient healthcare resources to its existing and new customers,” Kellum said.

Rite Aid trades its stock on the New York Stock Exchangeat the ticker symbol RAD.

Source: Central Penn Business Journal