CAMP HILL, Pa. Rite Aid on Thursday afternoon announced that is has signed an agreement to sell seven Rite Aid locations in downtown San Francisco and five Rite Aid locations in eastern Idaho to Walgreens.
“Our strategy is to focus our operations where we can best leverage the Rite Aid brand and operate most efficiently,” stated Chris Hall, Rite Aid SVP of strategic business development. “With only seven stores in all of the city of San Francisco we didn’t have the critical mass to be successful there, and our stores in eastern Idaho are just too widespread and too distant from other Rite Aid locations to operate efficiently. This is a good transaction for Rite Aid.”
The transition to Walgreens is expected to be completed by the end of March, 2009.
Rite Aid will continue to operate 605 stores throughout California, the chain stated, including 42 stores in the Bay Area. Of the 31 states where Rite Aid operates, California has the second largest number of Rite Aid stores after New York.
The five eastern Idaho stores included in the transaction are located in Pocatello, Blackfoot, Twin Falls, Burley and Idaho Falls. Rite Aid continues to operate 14 stores in western Idaho, which borders Washington and Oregon where Rite Aid operates more than 200 stores and a distribution center.