CVS bids on Rite Aid stores and patient data
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'We're 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,' said Thibault.
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The additional stores would further CVS's reach as a corporation that already owns
Rite Aid received multiple other bids on some of its assets, including inventory and patient data, from
'We are not going to emerge from bankruptcy,' Rite Aid Chief Executive Officer Matthew Schroeder said to employees on Thursday, which was reported by Bloomberg. 'Once our assets are sold, Rite Aid will no longer exist.'
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During the sale process, Rite Aid's stores will remain open, continue filling prescriptions, and provide vaccines, according to
Thibault would not say how much CVS is offering for Rite Aid's assets, and did not answer questions about whether the chain would close any other of its stores. The company previously said it would
The Pharmacy Guild, a union that has been
'We are especially concerned about the role of major chains like CVS, Walgreens, and Albertsons,' the union wrote in a statement. 'If these corporations are to absorb hundreds of new locations, there must be enforceable conditions attached to these sales: conditions that require stores to remain open for years; maintain or improve levels of service to patients and the community; respect the rights of employees to organize and take a neutral position on union efforts, and commit to bargaining in good faith.'
The union urged regulators and policymakers to ensure these sales 'do not come at the expense of workers and the patients who rely on us.'
A bankruptcy court judge is scheduled to conduct a hearing to approve the sales on May 21. Thibault said once the sale is finalized, Rite Aid employees who are interested can apply for their jobs at CVS.
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Rite Aid said then that its initial voluntary Chapter 11 filing would allow it to slash debt and resolve litigation. The company sold its relatively small
Rite Aid was attempting to turn around its business in a tough environment for drugstores. Major chains and independent pharmacies have been
Material from the Associated Press was used in this report.
Alexa Gagosz can be reached at
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