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Rite Aid
Rite Aid Corporation was an American drugstore chain based in Philadelphia. Founded in 1962 in Scranton, Pennsylvania, at its peak it operated more than 5,000 stores. By May 2025, it operated only 1,200 stores across 15 U.S. states and was the seventh-largest pharmacy in the U.S. when taking into account big box chains.
The company filed for Chapter 11 bankruptcy in October 2023 due to a large debt load, thousands of lawsuits alleging involvement in the opioid crisis and a failed restructuring. It emerged in September 2024, but filed again less than a year later in May 2025, liquidating all remaining assets and closing its last remaining stores by September 2025.
Alex Grass founded the chain as Thrift D Discount Center in Scranton, in September 1962, after marrying into the Lehrman family of Harrisburg, Pennsylvania in the early 1950s. The store expanded into five additional states in 1965 and went public as Rite Aid in 1968. It moved to the New York Stock Exchange in 1970, trading under the symbol RAD.
Ten years after its first store opened, Rite Aid operated 267 locations in 10 states. Rite Aid acquired Baltimore, Maryland's Read's Drug Store in 1977. In June 1981, Teamsters Local 182 began a strike over paid vacation benefits. The union charged Rite Aid with being locked out. The strike lasted ten months when a National Labor Relations Board meeting was scheduled for July 19, 1982. 1983 marked a sales milestone of $1 billion. A 420-store acquisition along the East Coast expanded Rite Aid's holdings beyond 2,000 locations.[citation needed]
In early October 1984, Rite Aid bought the Federal Plaza building in Downtown Youngstown vacated by Woolworth's. A large number of acquisitions brought the chain to Michigan in late October 1984 incuding the purchase of Grand Rapids, Michigan-based Muir Drug and Remes Drug, along with Lippert Pharmacy of Lowell and Herrlich Drug of Flint. In 1985, Rite Aid opened stores in Lansing, Michigan, through the acquisition of State Vitamin. Rite Aid expanded further into Ohio in 1987 acquiring Cleveland-based Gray Drug from Sherwin Williams. In March 1988, Rite Aid acquired Begley Drug Stores of Richmond, Kentucky including six home health centers in Kentucky and 140 dry cleaning stores in ten states. In June 1988, the Ohio Division of Liquor Control processed the liquor licenses which were up for renewal after the Gray Drug acquisition by Rite Aid. On April 10, 1989, Peoples Drug's 114-unit Lane Drug of Ohio from Toledo was purchased by Rite Aid. In November 1989, it was reported by the United Food and Commercial Workers (UFCW) that Rite Aid cut available hours for employees to work at their stores after the Lane Drug purchase.
In the 1990s, Rite Aid partnered with Carl Paladino's Ellicott Development Co. from Buffalo, New York to expand the company's presence in upstate New York. In 1992, Rite Aid bought Wellby Super Drug from Hannaford Brothers of Scarborough, Maine. In June 1992, Maine's prescription drug program with Medco Containment Services came under fire by Rite Aid. In January 1994, Rite Aid CEO Martin Grass announced that two hundred drugstores would close within six months. The company sold its auto parts, book, and dry cleaning outlets. Rite Aid decided to open seventy-five new drugstores by February 1995.
In May 1994, Rite Aid acquired Waterville, Maine-based LaVerdiere's as part of its expansion into Northern New England. The company acquired twenty-four Hook's Drug Stores of Indianapolis, Indiana in late 1994, selling nine of the stores to Perry Drug Stores, a pharmacy chain from Pontiac, Michigan. In December 1994, Rite Aid announced that the company would acquire Perry, entering Metro Detroit for the first time and expanding its presence in Michigan even further. In February 1995, Revco took over Rite Aid's store on Braddock Avenue in Pittsburgh. In March 1995, Alex Grass stepped down as chairman and CEO. His son, Martin Grass, took over. Martin had worked for the company for 28 years beginning when he was 13. In July 1995, Rite Aid expanded into Portland, Maine by purchasing 18 stores from Brooks Pharmacy from Warwick, Rhode Island. Rite Aid sold 30 stores to Brooks in Massachusetts and Rhode Island. Brooks also acquired prescription files from another six stores in Massachusetts. In October 1995, Rite Aid announced a new store opening in Hampden, Maine.
Downeast Pharmacy was there servicing about 6,000 residents at the time. In November 1995, Rite Aid announced a deal to merge with Revco worth $1.8 billion in cash and stock, however, the deal fell through as the Federal Trade Commission (FTC) was ready to file an antitrust lawsuit. Revco's top executives were against the sale to Rite Aid, however, shareholders were for it. In December 1995, Rite Aid announced that the Revco deal would have closed about 300 and cut 1,000 jobs. CVS, based in Woonsocket, Rhode Island eventually bought Revco in 1997.
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Rite Aid
Rite Aid Corporation was an American drugstore chain based in Philadelphia. Founded in 1962 in Scranton, Pennsylvania, at its peak it operated more than 5,000 stores. By May 2025, it operated only 1,200 stores across 15 U.S. states and was the seventh-largest pharmacy in the U.S. when taking into account big box chains.
The company filed for Chapter 11 bankruptcy in October 2023 due to a large debt load, thousands of lawsuits alleging involvement in the opioid crisis and a failed restructuring. It emerged in September 2024, but filed again less than a year later in May 2025, liquidating all remaining assets and closing its last remaining stores by September 2025.
Alex Grass founded the chain as Thrift D Discount Center in Scranton, in September 1962, after marrying into the Lehrman family of Harrisburg, Pennsylvania in the early 1950s. The store expanded into five additional states in 1965 and went public as Rite Aid in 1968. It moved to the New York Stock Exchange in 1970, trading under the symbol RAD.
Ten years after its first store opened, Rite Aid operated 267 locations in 10 states. Rite Aid acquired Baltimore, Maryland's Read's Drug Store in 1977. In June 1981, Teamsters Local 182 began a strike over paid vacation benefits. The union charged Rite Aid with being locked out. The strike lasted ten months when a National Labor Relations Board meeting was scheduled for July 19, 1982. 1983 marked a sales milestone of $1 billion. A 420-store acquisition along the East Coast expanded Rite Aid's holdings beyond 2,000 locations.[citation needed]
In early October 1984, Rite Aid bought the Federal Plaza building in Downtown Youngstown vacated by Woolworth's. A large number of acquisitions brought the chain to Michigan in late October 1984 incuding the purchase of Grand Rapids, Michigan-based Muir Drug and Remes Drug, along with Lippert Pharmacy of Lowell and Herrlich Drug of Flint. In 1985, Rite Aid opened stores in Lansing, Michigan, through the acquisition of State Vitamin. Rite Aid expanded further into Ohio in 1987 acquiring Cleveland-based Gray Drug from Sherwin Williams. In March 1988, Rite Aid acquired Begley Drug Stores of Richmond, Kentucky including six home health centers in Kentucky and 140 dry cleaning stores in ten states. In June 1988, the Ohio Division of Liquor Control processed the liquor licenses which were up for renewal after the Gray Drug acquisition by Rite Aid. On April 10, 1989, Peoples Drug's 114-unit Lane Drug of Ohio from Toledo was purchased by Rite Aid. In November 1989, it was reported by the United Food and Commercial Workers (UFCW) that Rite Aid cut available hours for employees to work at their stores after the Lane Drug purchase.
In the 1990s, Rite Aid partnered with Carl Paladino's Ellicott Development Co. from Buffalo, New York to expand the company's presence in upstate New York. In 1992, Rite Aid bought Wellby Super Drug from Hannaford Brothers of Scarborough, Maine. In June 1992, Maine's prescription drug program with Medco Containment Services came under fire by Rite Aid. In January 1994, Rite Aid CEO Martin Grass announced that two hundred drugstores would close within six months. The company sold its auto parts, book, and dry cleaning outlets. Rite Aid decided to open seventy-five new drugstores by February 1995.
In May 1994, Rite Aid acquired Waterville, Maine-based LaVerdiere's as part of its expansion into Northern New England. The company acquired twenty-four Hook's Drug Stores of Indianapolis, Indiana in late 1994, selling nine of the stores to Perry Drug Stores, a pharmacy chain from Pontiac, Michigan. In December 1994, Rite Aid announced that the company would acquire Perry, entering Metro Detroit for the first time and expanding its presence in Michigan even further. In February 1995, Revco took over Rite Aid's store on Braddock Avenue in Pittsburgh. In March 1995, Alex Grass stepped down as chairman and CEO. His son, Martin Grass, took over. Martin had worked for the company for 28 years beginning when he was 13. In July 1995, Rite Aid expanded into Portland, Maine by purchasing 18 stores from Brooks Pharmacy from Warwick, Rhode Island. Rite Aid sold 30 stores to Brooks in Massachusetts and Rhode Island. Brooks also acquired prescription files from another six stores in Massachusetts. In October 1995, Rite Aid announced a new store opening in Hampden, Maine.
Downeast Pharmacy was there servicing about 6,000 residents at the time. In November 1995, Rite Aid announced a deal to merge with Revco worth $1.8 billion in cash and stock, however, the deal fell through as the Federal Trade Commission (FTC) was ready to file an antitrust lawsuit. Revco's top executives were against the sale to Rite Aid, however, shareholders were for it. In December 1995, Rite Aid announced that the Revco deal would have closed about 300 and cut 1,000 jobs. CVS, based in Woonsocket, Rhode Island eventually bought Revco in 1997.
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