CVS Health has expressed interest in acquiring the “prescription files” of Rite Aid customers from the bankrupt chain’s stores in the Pacific Northwestern U.S. This move comes after Rite Aid announced its intention to pursue a strategic sale of its assets following its Chapter 11 bankruptcy filing on May 5, 2025.
Rite Aid will be selling prescription files and related pharmacy assets from over 1,000 stores to various pharmacy operators, including CVS Health, Walgreens, and grocery store chains. CVS plans to purchase and operate an undisclosed number of Rite Aid and Bartell Drugs brand stores located in Washington, Oregon, and Idaho as part of this transaction.
In a statement released by Rite Aid, the company confirmed that it has entered into sale agreements and pharmacy services transition agreements with multiple operators, including CVS Pharmacy, Walgreens, Albertsons, Kroger, and Giant Eagle. These agreements ensure the continuity of pharmacy services for customers without interruption during the transition period.
Rite Aid CEO, Matt Schroeder, emphasized the company’s commitment to ensuring a smooth transition for customers and preserving jobs for team members through these agreements. By selling the prescription files and related assets, CVS and other buyers can avoid taking on additional debt from acquiring brick-and-mortar stores, a common practice in the pharmacy industry during bankruptcy proceedings.
This is not the first time pharmacy chains have engaged in such transactions during bankruptcy proceedings. In 2019, Walgreens Boots Alliance, CVS Health, and Rite Aid were among the winning bidders for prescription files and pharmacy assets from 120 Shopko locations as part of the retailer’s financial restructuring.
Rite Aid’s decision to pursue a sale process for its assets marks the second time the company has filed for Chapter 11 bankruptcy in less than two years. Despite emerging from federal bankruptcy protection less than seven months ago, Rite Aid has been forced to close stores and make changes to its loyalty program, including discontinuing reward points and gift card acceptance.
As of now, Rite Aid operates 1,240 stores in the U.S., with the majority located in California, Pennsylvania, and New York. The sale transactions are subject to approval by the U.S. Bankruptcy Court for the District of New Jersey, with a hearing scheduled for May 21, 2025, to finalize the sales.
Overall, the sale of prescription files and pharmacy assets to CVS Health, Walgreens, and other operators signifies a significant restructuring for Rite Aid as the company navigates its bankruptcy proceedings and looks towards a new chapter in its business operations.
