GRAND RAPIDS, Mich. Almost one year following its acquisition of Brooks/Eckerd, Rite Aid is making another acquisition, albeit on a much smaller scale, with the purchase of 12 Pharm drug stores from Spartan Stores, Spartan announced Thursday morning.
"The Pharm stores have been a good business for Spartan Stores and it is staffed with hard working and dedicated associates, making this divestiture transaction a more difficult decision,” stated Craig Sturken, Spartan chairman and chief executive officer. “Divesting these stores, however, will allow us to concentrate efforts and resources on business opportunities with the best long-term growth potential and focus more on our core distribution and conventional supermarket operations. The transaction also provides the Pharm associates with good employment opportunities within Rite Aid."
Completion of the sale is subject to customary due diligence by Rite Aid.
Spartan Stores is in negotiations to sell certain assets of its remaining two Pharm stores in independent transactions, the company stated.