Hints and tips:
...“We can probably lose Rite Aid and Walgreens or CVS and still be OK,” he said. Additional reporting by Taylor Nicole Rogers...
...Moody’s cited the recent default of Rite Aid, which operated more than 2,300 pharmacies across 17 US states, and the distressed debt exchanges of Belgian consumer goods company Ideal Standard International...
...Pharmacy Rite Aid became his next target before he turned his attention to Bed Bath....
...At Rite Aid, shrinkage for the third quarter was $9mn worse than the previous year....
...The investor group had in 2018 tried to list Albertsons through a reverse merger with Rite Aid, the pharmacy chain, but the deal collapsed when Rite Aid shareholders objected....
...Walgreens and Rite Aid are down 56 per cent and 86 per cent respectively. CVS did not quantify the potential cost cuts....
...Albertsons then attempted to merge with Rite Aid a year later but was also forced to call off the transaction after it failed to win support from the pharmacy chain’s shareholders....
...A year later, its attempt to merge with Rite Aid failed to win over the pharmacy chain’s shareholders. This time round Albertsons, backed by private equity group Cerberus Capital, is the target....
...The yield on pharmacy chain Rite Aid’s $850mn bond maturing in 2026 has been rising all year, reaching close to 13 per cent on Tuesday, up from about 7.3 per cent at the end of 2021....
...Aid and AutoZone....
...In June, Freeman bought debts in the pharmacy chain Rite Aid, but the opportunity evaporated when the company announced a tender offer that sent its bonds and stock soaring....
...Walgreens Boots Alliance fell more than 9 per cent by afternoon trading on Tuesday, while CVS Health, the largest pharmacy operator in the US, dropped 9 per cent and Rite Aid shed more than 16 per cent....
...They include CVS, Walgreens, Rite Aid and the other big names. “Our thinking is real simple here,” said Timothy Wentworth, Evernorth’s chief executive, at the Wolfe Research event....
...Amazon Pharmacy launch, Pinduoduo raisingWalgreens Boots Alliance and CVS Health shares fell more than 9 per cent and Rite Aid was down more than 16 per cent soon after Amazon announced a disruptive online...
...Following the Alliance Boots deal, it went on to snap up a portfolio of Rite Aid stores and distribution centres for $4.4bn....
...Rite Aid had already announced that it will remove e-cigarettes and vaping products chain-wide. The changes will go into effect across all Rite Aid stores within 90 days, it said....
...The results come as Rite Aid faces a change in leadership....
...Coronavirus will test the thesis that disclosure aids price discovery and reduces volatility....
...the direction of the US pharmacy chain....
...Excluding the impact of optimising stores following its purchase of more than 1,600 Rite Aid stores last year, organic sales, which strip out acquisitions and divestitures, rose 2.9 per cent from a year...
...Shareholders in Rite Aid staged a rebellion over pay at the US pharmacy chain, after its chief executive received a big pay increase despite a plunging share price and a series of strategic setbacks....
...Overall sales rose 4.5 per cent to $34.5bn in the three months to end of February, largely because of the addition of 1,651 Rite Aid stores it bought last year....
...In the US, pharmacy sales climbed 17.5 per cent from a year ago, driven by higher prescription volumes following the acquisition of Rite Aid stores, while comparable pharmacy sales rose 2.8 per cent....
...Rite Aid attributed the loss to a $282.6m goodwill write down related to its Pharmacy Services business....
...Shares in Rite Aid also tumbled 10 per cent. As a standalone company, Rite Aid was “highly leveraged”, said Andrew Wolf, analyst at Loop Capital....
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