In Brief: Rite Aid
This article was originally published in The Rose Sheet
Executive Summary
Rite Aid: Kmart selling its 5.6% common stock stake (6.9 mil. shares) in the Harrisburg, Penn.-based drug store chain to reduce debt, according to a Dec. 20 filing with the Securities & Exchange Commission. Kmart, which had been a Thrifty Payless stockholder, acquired the stock in the December merger of Rite Aid and Thrifty Payless, making the discount retailer the sixth-largest stakeholder in Rite Aid ("The Rose Sheet" Oct. 21, 1996, p. 12). Based on the current price of Rite Aid stock, Kmart's stake is worth approximately $271 mil...