Retail News Breaks Archives
Rite Aid acquires Kentucky pharmacy
September 18th, 2012
DALLAS – Rite Aid Corp. has purchased Town Hill Pharmacy, an independent drug store in Louisa, Ky.
Terms of the transaction, announced Tuesday by Dallas-based merger-and-acquisition firm The Transition Companies LLC, weren't disclosed.
Rite Aid acquired the eastern Kentucky pharmacy from Paradise Enterprises Inc., which ran the drug store under the banner Town Hill Pharmacy.
Overall, Rite Aid has about 115 stores in Kentucky.
The drug chain, the nation's third-largest, closed 47 stores last year and expects to close 50 this year, mostly from expiring leases.
However, Rite Aid has engaged in other efforts to lift market share and script count. For its current 2013 fiscal year, the chain has increased its capital expenditures to $300 million, allocating $130 million for store remodels and $50 million for prescription file buys (versus about $35 million in fiscal 2012).
Plans call for 17 store relocations and remodeling 500 locations to the new "wellness store" format in fiscal 2013. Rite Aid had 423 wellness stores at the end of fiscal 2012 on March 3 and expects to have 780 by the fiscal 2013 year-end.