Brooks and Eckerd pharmacies are officially part of the Rite Aid chain, the Camp Hill, Pa.-based retailer announced today. The company has closed on its $2.54 billion acquisition from Jean Coutu Group Inc. of 1,854 Brooks and Eckerd stores and six distribution centers in 18 states, including the 47 Brooks stores in Rhode Island.
The deal gives Rite Aid employs 116,000 associates at more than 5,000 stores in 31 states and the District of Columbia and makes it the third largest pharmacy chain in the nation behind Walgreens and CVS/pharmacy.
“This is a very exciting day for Rite Aid, and we are fortunate to have the talented Brooks store associates who work in Rhode Island joining our team,” said Mary Sammons, Rite Aid chairman, president and CEO, in a statement. “We look forward to enhancing the shopping experience at our new stores by bringing more products, services and benefits to customers in Rhode Island.”
All of the acquired stores are expected to be converted and re-branded to Rite Aid within 16 months; in addition, Rite Aid expects to remodel nearly all of the Brooks and Eckerd stores to the tune of more than $1 billion over the next several years.
Rite Aid Corp. now has annual revenue of more than $27 billion, compared with $17.5 billion before the acquisition of Brooks Eckerd Pharmacies. For more information about Rite Aid, including corporate background and press releases, visit www.riteaid.com.
