This greatly expands our market penetration and we pass the 2,store mark to become the nation's largest drugstore chain in terms of store count. The acquisition of Perry Drug Stores—the largest drugstore chain in Michigan—is our largest acquisition to date. We now operate nearly 3, stores. We form a strategic partnership with General Nutrition Companies, Inc. GNC , the largest specialty retailer of vitamins, mineral supplements, sports nutrition, and herbal products.
Here, a vintage store in Albany, New York. Drug Store Dominance. By , Rite Aid was the nation's No. But Rite Aid would be rocked to its core by this generational leadership change. Pictured: A healthy Rite Aid was bagging big sales. Grass isn't Greener. Determined to out-do his dad by taking Rite Aid to an untold "higher level," Martin Grass would very nearly wreck Rite Aid , instead, bringing his own career, along with his family's reputation, down in the process.
Rite Aid was hamstrung by disastrous deals, high debt, and ultimately illegal accounting practices designed to fictionalize Rite Aid's profits.
Scandal, Stock Crash and Federal Prison. The Rite Aid accounting scandal and its related conspiracies would send Martin Grass to federal prison for seven years. In the process, Rite Aid investors, including many in the midstate, lost millions. A Founder Falls. In , Alex Grass, 82, lay dying of lung cancer.
Meanwhile, his disgraced son was winding down a seven-year federal prison term, imposed in for obstruction and fraud convictions related to Rite Aid's prodigious accounting irregularities.
Pictured: Alex Grass's funeral. Fitting Epitaph. Shortly after the Walgreens deal, Albertsons and Rite Aid began merger talks. On Feb. However, the companies called the deal off on Aug. Company Profiles. Dividend Stocks.
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Your Practice. The company's shareholders overwhelmingly approved the merger on January 18, Similar to what CVS has gone through in Chicagoland after its purchase of Albertson's drug store chains, the deal has left Rite Aid with some locations in close proximity to each other.
Only 23 store locations nationally were sold off to Walgreens , The Medicine Shoppe , or independent owners in order to meet federal regulations. In many situations, especially Pennsylvania where both chains were dominant and had roots in those states Rite Aid originated in Scranton, while Eckerd has roots in Western Pennsylvania via Erie for itself and Pittsburgh for converted Thrift Drug locations , there are now two Rite Aids as close as right next door to each other.
Rite Aid had sold some locations to J. Penney's Thrift Drug chain in the mids shortly before J. Penney's acquisition of Eckerd, and had also sold all of their Massachusetts stores to Brooks in , bringing some existing Eckerds and Brooks that were once Rite Aids full circle. Because Eckerd was previously owned by J. Penney, Eckerd stores accepted J. Penney charge cards. Since the merger, all Rite Aids accept J. Category : Pharmacies of the United States. Read what you need to know about our industry portal bionity.
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