Daily Archives: December 21, 2016

Fred’s to Buy Rite Aid Stores

“Memphis-based Fred’s Inc. will be the nation’s third-largest drugstore chain with an agreement announced Tuesday to buy 865 Rite Aid stores ….”

“… the Rite Aid stores that Fred’s has agreed to buy are generally in the South and on the East and West coasts.”

“… the addition of the Rite Aid stores could add an additional 20,000 [employees] [emphasis added], according to a rough estimate,” said Rick Hans, chief financial officer of Fred’s.

“We believe that this transaction will also create tremendous opportunities for both our new and existing front of store and pharmacy team members,” said Michael Bloom, chief executive officer of Fred’s.

“Fred’s employs about 1,000 workers in the metro area and is one of a dozen public companies in Memphis.”

Source:  McKenzie, K. (2016, December 21). Fred’s to buy 865 Rite Aid stores. The Commercial Appeal, pp. 1A, 2A.

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