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Rite Aid - The history
Rite Aid is the leading drugstore chain on the East Coast and the third largest in the United States. Its headquarter is located in Camp Hill, East Pennsboro Township, Cumberland County, Pennsylvania, near Harrisburg.
In 1962, Rite Aid established, opening its first store called Thrift D Discount Center in Scranton, Pennsylvania. After several years of growth, Rite Aid chose its current name and debuted as a public company in 1968. As of 2017, Rite Aid was publicly traded on the New York Stock Exchange under the symbol RAD. Its main competitors are CVS and Walgreens. In late 2015, Walgreens announced that it would obtain Rite Aid for $9.4 billion pending approval. However, on June 29, 2017, over the fear of antitrust regulations, Walgreens Boots Alliance announced it would buy roughly half of Rite Aid's stores for $5.18 billion. On September 19, 2017, the Federal Trade Commission (FTC) approved a fourth deal agreement to purchase Rite Aid with 1,932 stores for $4.38 billion total.