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Rite Aid Corporation is an American drugstore chain based in Philadelphia, Pennsylvania. [1] It was founded in 1962 in Scranton, Pennsylvania, by Alex Grass under the name Thrift D Discount Center. It is the third-largest drugstore chain in the United States, with nearly 1,300 stores in 16 U.S. states, primarily on the East and West coasts.
Rite Aid went public in a successful 1968 stock offering and continued expansion. At the time, with 32 percent of the company's stock, Lewis Lehrman was the company's president and largest stockholder. [ 14 ]
Rite Aid has posted annual losses for several years in part due to slumping sales. It also faced controversy regarding opioid-related lawsuits . Since 2021, it has moved down 39 spots in the ...
[2] [4] Rite Aid's initial public offering at $25 a share on the New York Stock Exchange earned the Grass family $8.75 million. [2] [4] Rite Aid purchased a rival chain, the Daw Drug Company, which was based in Rochester, New York, in 1969, which doubled the company's size and gave Rite Aid a pharmacy business for the first time. [4] By the ...
During her time at Rite Aid, Donigan closed more than 150 unprofitable stores. [12] Donigan was credited with avoiding the bankruptcy for Rite Aid by pushing debt payments due in 2022 to 2025; however, Deutsche Bank warned the company was in danger of a "dramatic negative inflection point" in April 2022. Other analysts were less skeptical of ...
Rite Aid, which had filed for Chapter 11 bankruptcy protection, is now preparing to shed more than 100 stores nationwide as part of its restructuring efforts.. The first tranche of stores to be ...
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