Rite Aid said that the New York Stock Exchange (NYSE) has notified the company that it has regained full compliance with NYSE minimum average share price listing requirements.
Rite Aid’s board of directors has appointed Elizabeth Burr, who most recently served as chief innovation officer and vp/health care trend and innovation at Humana, and Katherine Quinn, who currently serves as vice chairman and chief administrative officer of U.S. Bancorp, to the company’s board.
As it continues struggling to generate profits, Rite Aid posted a net loss from continuing operations of $255.6 million, or 24 cents per share, versus a net loss of $483.7 million, or 46 cents per share, in the year-earlier period.
Rite Aid has begun a leadership transition plan and an organizational restructuring to better align its structure with the company’s operations and to reduce costs.
Rite Aid has entered into a new senior secured credit agreement, consisting of a $2.7 billion senior secured asset-based revolving credit facility and a $450 million “first-in, last out” senior secured term loan facility.
Walgreens Boots Alliance generated a solid first quarter while launching a cost management program that will look to save more than $1 billion.
First quarter net revenue at Rite Aid was up slightly as an increase in its retail pharmacy segment helped boost sales in the three month period ended December 1.
Rite Aid has named Justin Mennen svp/chief information officer.
After its failed merger attempt with Walgreens Boots Alliance, Rite Aid has been developing a standalone strategy to move forward, but still saw a net loss in the second quarter.
Rite Aid recently updated its fiscal 2019 outlook, which the company initially provided on April 12.
Albertsons and Rite Aid have mutually agreed to terminate their previously announced merger plan.
Rite Aid has sent a letter to shareholders urging their support for the pending Albertsons merger at the company’s upcoming special meeting.
As it advances its merger with Rite Aid, Albertsons posted a first quarter net loss of $17.7 million versus a net loss of $204.9 million in the year-prior period.
As Rite Aid prepares for its pending merger with supermarket operator Albertsons, the drug store chain posted a net loss in the first quarter.
Walgreens beat Wall Street estimates in its third quarter, although retail comps slipped. The company released its third quarter results following the news that Amazon is acquiring an online pharmacy.
It was an active fourth quarter and fiscal year for Rite Aid, with the retailer selling some of its stores to Walgreens and forming a pending merger deal with Albertsons.
Rite Aid said that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, in connection with its previously announced merger with Albertsons, expired on March 28.
Rite Aid said it has completed the store transfer process under the previously announced deal to sell some of its assets to Walgreens Boots Alliance.
As it completed its purchase of Rite Aid stores, Walgreens Boots Alliance reported solid second quarter sales results.
Albertsons Companies has appointed Jim Donald president and chief operating officer of the company, effective immediately.