Home Economy Economic Activity Bankruptcy court approves sale of 64 Rite-Aid stores to CVS

Bankruptcy court approves sale of 64 Rite-Aid stores to CVS

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PBN Staff

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05/22/2025

Earns CVS Health — U.S. BANKRUPTCY Court for the District of New Jersey on Thursday approved the sale of 64 Rite-Aid stores in the Pacific Northwest to CVS Health Corp. / ASSOCIATED PRESS FILE PHOTO / GENE J. PUSKAR

PROVIDENCE – A federal bankruptcy court has approved the sale of 64 Rite-Aid stores in the Pacific Northwest to CVS Health Corp. The transaction, approved in U.S. Bankruptcy Court for the District of New Jersey on Thursday, includes the prescription files of 625 Rite Aid pharmacies across 15 states and store locations in Idaho, Oregon and

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PROVIDENCE – A federal bankruptcy court has approved the sale of 64 Rite-Aid stores in the Pacific Northwest to CVS Health Corp. The transaction, approved in U.S. Bankruptcy Court for the District of New Jersey on Thursday, includes the prescription files of 625 Rite Aid pharmacies across 15 states and store locations in Idaho, Oregon and Washington. The sale, however, is subject to applicable regulatory approvals and other customary closing conditions. Woonsocket-based CVS, which runs one of the nation’s largest drugstore chains, said in a statement that it is working closely with Rite Aid on plans to ensure that the transition will be seamless for patients and customers and access to pharmacy care is not interrupted. Additional details will be available closer to the transaction closing dates in the coming weeks. Rite-Aid, based in Pennsylvania, is planning to liquidate its assets and go out of business after undergoing its second Chapter 11 bankruptcy in nine months. On June 6, the court will hold a hearing on Rite Aid’s plan for financing while it winds down the company, Rite Aid CEO Matthew Schroeder told employees announcing the bankruptcy plan on May 15. On March 10, CVS spokesperson Amy Thibault said there are plans to open 12 or more locations nationwide over the next year that will be less than half the size of their current retail sites. The locations of the new pharmacy-only locations were not disclosed. CVS still plans to open traditional pharmacy locations with full front-end retail space, Thibault said. The company has opened 100 stores between 2022 and 2024 and has plans to add nearly 30 locations, including those inside Target stores, in 2025. That’s in addition to the small-format pharmacies, she said. In the first quarter of 2025, CVS Health booked adjusted earnings of $2.25 per share as the company’s profit soared 60% to $1.78 billion in the year’s first quarter. Total revenue climbed 7% to $94.59 billion. For the full year, CVS Health now expects adjusted earnings to range from $6 to $6.20 per share. On Feb 4, CVS filed a Worker Adjustment and Retraining Notification notice with R.I. Department of Labor and Training announcing it was shedding 38 jobs. Of the 38 employees, 23 work at CVS corporate headquarters in Woonsocket and the remaining 15 work remotely but report to someone who is based in Rhode Island. The layoffs will take place on June 7. This brings the number of workers with Rhode Island ties affected by CVS’ layoff plans to 1,466, including 188 Rhode Island residents.