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Investing.com -- CVS Health Corp (NYSE:CVS). has submitted a proposal to purchase a considerable number of Rite Aid Corp (NYSE:US90274J5618=UBSS). stores and patient data, according to Bloomberg. Rite Aid, a struggling pharmacy chain, is ceasing operations after declaring bankruptcy for the second time earlier this month.
CVS, the owner of the largest retail pharmacy chain in the US, has expressed interest in acquiring several stores in Washington, Oregon, and Idaho. The company is also interested in patient prescription information, according to Rite Aid’s Chief Executive Officer Matthew Schroeder. He shared this information with employees on Thursday, as per a recording of the meeting reviewed by Bloomberg News.
This acquisition would extend CVS’s footprint in a region where it has fewer stores per person compared to other areas.
Rite Aid has also received multiple offers for some of its pharmacy assets, including patient data and inventory, from other potential buyers. These include Walgreens Boots Alliance (NASDAQ:WBA) Inc., Albertsons (NYSE:ACI) Cos., Kroger Co (NYSE:KR)., Giant Eagle Inc., among others. Schroeder mentioned that these interested parties intend to retain Rite Aid’s workforce.
In a statement to his employees, Schroeder confirmed the inevitable end of Rite Aid, saying, “We are not going to emerge from bankruptcy. Once our assets are sold, Rite Aid will no longer exist.”
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