Rite Aid Corporation (OTC: RADCQ) is a leading American drugstore chain. Rite Aid stores offer an array of health products as well as basic healthcare services. It was founded in 1962 in...
Rite Aid Corporation (OTC: RADCQ) is a leading American drugstore chain. Rite Aid stores offer an array of health products as well as basic healthcare services. It was founded in 1962 in Scranton, PA under Thrift D Discount Center. Six years later, in 1968, the company re-branded to Rite Aid and went public (formerly NYSE: RAD). In late 2015, when the chain operated well over 4,000 stores, Walgreens announced a proposal to acquire all Rite Aid stores for $9.4B. The combined company would have been the largest pharmacy chain in the USA (46% market share). However, the proposed merger was officially canceled two years later due to antitrust concerns. The FTC did approve Walgreens’ revised proposal to purchase 1,932 stores from Rite Aid for $4.38B (Sept 2017); the sale was completed in March 2018, leaving Rite Aid with roughly 2,600 remaining stores. In 2022, while operating 2,200+ stores, Rite Aid ranked No. 148 in the Fortune 500 list of the largest US corporations by total revenue. Towards the end of 2023, Rite Aid began restructuring its operations. By the start of 2024, Rite Aid Corporation had already scaled down its operations to roughly 1,700 stores across 16 states (PA, CA, and NY having the most). Rite Aid Corporation is headquartered in Philadelphia, PA.