In Rite Aid adopted some new tactics in its growth plan. Its board of directors agreed tentatively to buy back as many as one million shares of Rite Aid common stock.
These shares would be retained as treasury shares to provide liquid assets that could be quickly translated into cash for acquisitions, funds for the employees' stock option plan, or any other corporate purposes.
That year Rite Aid acquired the six-store Schuman Drug of Lansdale, Pennsylvania, and the four-store Lane drugstores in Youngstown, Ohio, establishing a new prescription division for Ohio and western Pennsylvania. To expedite the processing of third-party claims, Rite Aid installed a scanning system in its data processing department. The company opened a 43,square-foot addition to its finance and accounting building. Also in Rite Aid became one of the nation's largest suppliers of plasma with the opening of its ninth plasmapheresis center.
By Rite Aid had become the third largest retail drug chain. It acquired the store South Carolina division of Fays Drug and made its third stock split since its initial public offering in , issuing additional common stock contingent on the four-for-three stock split.
The company also formed a new division to handle its business in West Virginia and western Pennsylvania. In Rite Aid became the largest U. In addition to these drugstores, Rite Aid acquired the fifth largest toy store in the nation, the store Circus World Toy Stores, Inc. Rite Aid also expanded its Nitro, West Virginia, distribution center.
The company now had total distribution capacity for 1, stores, which was essential and timely; Rite Aid opened its 1,th store in Durham, North Carolina. It was listed among Forbes magazine's top companies in both sales volume and number of employees.
It issued a three-for-two stock split, its fourth stock split since it became listed and its second in two years. The value of Rite Aid's holdings in Superdrug PLC increased when that company went public and began trading its shares on the London Stock Exchange--at which point Rite Aid sold one-third of its interest in Superdrug, bringing its holdings down to Partially because of this, Rite Aid was able to offer a new employee stock purchase plan; to acquire the four-store Beagle chain in West Virginia and Ohio; to open its first Heaven novelty shop; and to integrate a point-of-purchase and pharmacy computer system.
All of this helped to establish Rite Aid as the largest drugstore chain in the Northeast. By Rite Aid started expanding beyond its core business. It also purchased Encore Books, Inc. In addition to these departures from the company's core business, Rite Aid acquired the three-store Nifty Norm's, Inc. In Rite Aid focused less on acquisitions than on internally generated growth.
While Rite Aid that year acquired four Midland Valley Drug stores in Midland, Michigan, and eight State Vitamin discount stores in Lansing, Michigan, it opened five stores of its own, moving into the deep-discount drug market with the company's Drug Palace. Rite Aid further penetrated new markets by opening video rental departments in more than of its drugstores.
It also installed point-of-purchase scanning registers and more computerized pharmacy equipment. The newly spun-off Super Rite took its first step into retail grocery with its purchase of the store Food-A-Rama supermarket chain in Baltimore and Washington, D. Rite Aid's subsidiary, Sera-Tec, opened two new plasma centers, bringing the count to In addition, Rite Aid bought 1. Rite Aid did not experience major expansion in It acquired only two Revco stores in Buffalo and opened six more Drug Palaces, bringing its deep-discount drugstore total to The year was nevertheless notable in that two of Rite Aid's corporate officers received prestigious positions.
These acquisitions substantially expanded Rite Aid's southern market area. Because of the success of its pilot video departments in , Rite Aid added more video departments to its drugstores in , bringing the total to Rite Aid also continued to install pharmacy and point-of-purchase automated systems throughout the chain.
That year Dun's Business Month ranked Rite Aid 25th among all publicly traded companies for consistent dividend advances. In Rite Aid was the largest employer in the retail drug industry. This purchase brought Rite Aid's store count to more than 2, and greatly expanded the company's market penetration in these states.
This ,square-foot distribution center enabled Rite Aid to supply up to more stores in the Southeast. In the company continued to expand and enhance the technology available to its stores. In September of that year, it disposed of its Company earnings, however, continued to absorb the cost of the enormous acquisitions the company made in The company in continued to focus on the integration of both its past and present acquisitions.
Rite Aid added 1, store computer systems, and it enhanced 2, pharmacy terminals. The pharmacy terminals enabled drug interaction analysis and cumulative tax information, all of which resulted in speedier prescription service.
Prescription sales for advanced Rite Aid's computerization also propelled the company toward greater efficiency, enabling it to cut back on unnecessary corporate staffing in spite of the fact that the company's store count had continued to grow. From to , Rite Aid acquired more than drugstores and opened new stores, closing only units. Within this period, Rite Aid's store count grew by nearly 60 percent. In Rite Aid added 68 stores and bought prescription records from 65 drugstores in Washington, D.
While some organizations viewed the recession of the early s as a bleak period, Alex and Martin Grass, the father-and-son team then running Rite Aid, said it was a good time to buy, according to a January 13, , Business Week article. The recession brought opportunities to acquire vulnerable companies, and Rite Aid bid for the bankrupt Revco D. Although the deal later fell through, Rite Aid had demonstrated its ability to move decisively and quickly.
This deal pushed Rite Aid's store count near the 3, mark. Beginning in Rite Aid opened 50 state-of-the-art drugstores in New York City, boosting the total to 67 within the city. Rite Aid planned to bring more stores into all of New York's boroughs later in the decade. From these two purchases emerged the subsidiary Eagle Managed Care Corp. In October, 20 stores in Maine were bought from Brooks Pharmacy.
By midyear Rite Aid appeared well positioned. Rite Aid set out to open, renovate, or expand 1, more stores over a three-year period. Add to watchlist. Amounts are as of December 31, and compensation values are for the last fiscal year ending on that date.
Pay is salary, bonuses, etc. Exercised is the value of options exercised during the fiscal year. Scores indicate decile rank relative to index or region.
A decile score of 1 indicates lower governance risk, while a 10 indicates higher governance risk. Advertise with us. All rights reserved. Data Disclaimer Help Suggestions. Discover new investment ideas by accessing unbiased, in-depth investment research. Heyward Rutledge Donigan B. Key Metrics. All Listings. Rite Aid Corporation is a healthcare company that operates retail drugstore chain. The Company is principally engaged in providing its service to customers and communities through various programs.
Its business segments include Retail Pharmacy segment and Pharmacy Services segment. Retail Pharmacy segment sells brand and generic prescription drugs and various other pharmacy services, as well as front-end products, including health and beauty aids, personal care products and seasonal merchandise.
Its Retail Pharmacy segment operates approximately 2, retail pharmacy locations across 19 states. Pharmacy Services segment provides a range of pharmacy benefit services through Elixir. Elixir also offers integrated mail-order and specialty pharmacy services through Elixir Pharmacy. The Company's clients include employers, insurance companies and unions. Retail Drugs. Contact Info. United States. Executive Leadership. Bruce G. Independent Chairman of the Board.
Heyward R. President, Chief Executive Officer, Director. Matthew Schroeder. Lance Neill. Chief Operating Officer. Jessica Kazmaier.
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