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Rite-Aid

This article was originally published in The Rose Sheet

Executive Summary

"Major restructuring" will include a cash self-tender offer for up to 22 mil. of Rite-Aid common shares (at $16-18.50 per share) that will begin Jan. 10, firm announces Jan. 7. Rite-Aid also plans to sell its four non-drugstore businesses (Encore Books, ADAP, Concord Custom Cleaners and Sera Tec Biologicals), close "200 under-performing drugstores," and eliminate "other assets causing a pre-tax write-off of $149.2 mil," the company says. The 200 as-yet-unnamed drug stores will be closed "within the next six months," Rite-Aid notes
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