Why did we close 900+ stores only to buy 900 of Rite aid?
4 replies (most recent on top)
We bought 64 stores in the Northwest in areas we don’t have stores. We purchased Rx records from 625 RiteAids that are closing.
As others have shared -- this is a huge win for CVS. They are buying the patient files at 625 stores, meaning nearby existing CVS stores will have to take on the burden of filling scripts for millions of former Rite Aid customers without any new staff (i.e. expense). Revenues up, expenses stay flat. Basically free profit and less competition. Pharmacists and techs will continue to be worked to the bone until they figure out a way to completely automate their tasks.
They aren’t buying shorts. Only 67, rest of it are just the patient files. This is just free money for cvs.
Customer lists on 625 stores and 64 physical stores per CVS corporate website. Room temperature IQ journalists are misreporting this.