Changes in the pharmacy will include re-engineering how the entire pharmacy team works, changing workspace, hiring more technicians and digital updates. The new remodeled stores will include an open counter for pharmacists to easily step out and interact with customers. Rite Aid will be launching a new app and a newly designed website in April. Customers will eventually be able to pay for their prescriptions in advance so they can checkout faster, according to Justin Mennen, chief information officer at Rite Aid.
Customers will also be able to add over the counter items and retail items to their prescription orders that they can pick up in the drive-thru lane. Rite Aid also plans to expand self-checkout and add mobile scan and checkout. Elixir is the new name for one of Rite Aid's subsidiaries. Rite Aid announced a consolidation of its Envision Rx Options company, a health care and pharmacy benefit management company that it purchased in and has changed the name to Elixir.
Rite Aid will consolidate its operations and its offices to the Rite Aid organization and incorporate it more into its Rite Aid operation. The two divisions will now run as one company. Rite Aid will eventually offer coronavirus testing. Further information was not provided of when the testing might begin.
Rite Aid says it plans to keep its stores opened and is cleaning often especially around checkouts and bathrooms. Donigan says that Rite Aid is seeing a lot of customers come through its door lately. Adding that it has been more challenging online as the company is seeing 10 times as many customers online.
By the numbers. The last few years have been busy for Rite Aid as the company has engaged in merger, acquisition and sales talks with a number of companies, has had layoffs, has seen its stock have its ups and downs over the last six years, replaced its longtime CEO and also started a partnership with Amazon.
A merger between Walgreens and Rite Aid was first announced back in but, the merger was never approved by the Federal Trade Commission. On August 9, , the companies mutually agreed to pull the plug on the merger on the eve of a vote for Rite Aid stockholders bowing to opposition.
If the merger would have passed, Rite-Aid shareholders would have owned only about 30 percent of the combined new company. In March , the company announced the elimination of approximately corporate and administrative staff positions. In April, the board of Rite Aid approved a 1-for ratio for a reverse stock split after stockholders approved the stock split.
In , with the acquisition of Gray Drug— stores in 11 states—Rite Aid became the largest drugstore chain in the U. The company formed a partnership with General Nutrition Companies in In addition, Rite Aid partnered with drugstore. Rite Aid added more than 1, stores in with its acquisition of the Brooks and Eckerd drug store chains. In , Rite Aid began restating earnings from prior years due to accounting irregularities. Six former Rite Aid senior executives were convicted of conspiracy in regarding a wide range of accounting fraud and false filings with the U.
The former executives admitted to drastically overstating net income from to through multiple schemes. Grass was sentenced to eight years in prison—one of the harshest punishments ever given in connection to an accounting-related crime at the time. The two companies extended talks into until they ultimately vacated the merger deal. Although Rite Aid shareholders approved a merger deal with Walgreens in , the two companies abandoned talks in 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. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page.
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Single Accounts Corporate Solutions Universities. Premium statistics. Read more. The statistic depicts the total number of stores of Rite Aid in the United States as of February 27, , by state. In that year, Rite Aid operated 70 stores in Virginia.
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