|
 HARRISBURG, Pa. (AP) - In a bold step to keep pace with the industry leaders, the nation's third largest drugstore chain, Rite Aid Corp., said Thursday it will purchase the U.S. Eckerd and Brooks operations of Canada's Jean Coutu Group Inc. for about $2.55 billion in cash and stock.
Rite Aid's first major acquisition since a turnaround team arrived to bring the company back from the brink of bankruptcy six years ago was designed to help it compete better with its bigger rivals Walgreen and CVS.
At the same time, Rite Aid said the deal will make it the largest drugstore chain operator on the East Coast and give it a larger presence in major cities such as Atlanta Philadelphia, New York and Baltimore.
|