Rite Aid Enters into Series of Sale Transactions to Ensure Continuity of Care

During Transition Period Rite Aid Stores Will Remain Open and Continue to Serve Customers

Agreements Provide for the Transition of Pharmacy Assets to CVS Pharmacy and Several Other National and Local Operators, and the Sale and Operation by CVS Pharmacy of Many Stores in the Pacific Northwest

PHILADELPHIA--(BUSINESS WIRE)--Rite Aid Corporation (“Rite Aid” or the “Company”) today announced that it has successfully entered into a series of sale agreements and pharmacy services transition agreements. This includes the rolling transition of pharmacy assets from more than 1,000 store locations across the U.S. to operators including CVS Pharmacy, Walgreens, Albertsons, Kroger, and Giant Eagle, among others, as well as the sale and operation by CVS Pharmacy of many Rite Aid and Bartell Drugs stores located in Washington, Oregon, and Idaho.

Importantly, during the transition, Rite Aid stores will remain open, and customers can continue to access their pharmacy services, including prescription refills and immunizations, without interruption.

Matt Schroeder, Chief Executive Officer of Rite Aid, said, “A key priority for Rite Aid is to ensure that as many of our loyal customers as possible continue to receive the pharmacy services and care they require without interruption. These agreements ensure our pharmacy customers will experience a smooth transition while preserving jobs for some of our valued team members.”

The sale transactions are subject to approval by the U.S. Bankruptcy Court for the District of New Jersey (the “Court”). The Court is currently scheduled to conduct a hearing to approve the sales on May 21, 2025. Upon approval from the Court, the sales will remain subject to certain regulatory notices and approvals, and other customary closing conditions.

Additional Information Regarding the Court-Supervised Process

Filings and other information related to the court-supervised proceedings are available at https://restructuring.ra.kroll.com/RiteAid2025, by calling the Company’s claims agent, Kroll, toll-free at [phone], or [phone] for calls originating outside of the U.S. or Canada, or by emailing Kroll at [e-mail]. Information for landlords is available by contacting A&G Realty Partners at http://www.agrep.com/index.php/active-projects.

Advisors

Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor, Guggenheim Securities, LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Company. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Company.

About Rite Aid

Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company’s wholly owned subsidiary Bartell Drugs. For more information, please visit www.riteaid.com.