Albertsons is buying a big portion of Rite Aid to create a company worth $24 Billion. Shares of Rite Aid soared as much as 8 percent on the news. This acquisition comes as many retailers join forces to compete with Amazon, which is involved in nearly every industry from retail, to grocery, and now even healthcare. Wall Street Journal Reporter Heather Haddon and Bold Media's Business Editor David Grasso explain what this deal means for drug retail. "Rite Aid was really put at a disadvantage right after the stuttered Walgreens deal," says Haddon. "This was really about Rite Aid helping to reposition themselves, get access to a whole new market of Albertsons customers, and in turn Albertsons gets a lot of pharmacy customers and cross-marketing opportunities." "We are seeing a lot of disruption, and everyone is shaking in their boots," says Grasso. "It's all about survival. Through this deal the integrated company will operate 4,900 locations, 4,350 pharmacy counters, and 320 clinics across 38 states and Washington, D.C.

Share:
More In Business
Watchdog Slams IRS Identity Theft Case Delays as “Unconscionable”
An independent watchdog within the IRS reports that while taxpayer services have vastly improved, the agency is still too slow to resolve identity theft cases. And National Taxpayer Advocate Erin Collins says those delays are “unconscionable.” Erin M. Collins said in the report released Wednesday that overall the 2024 filing season went smoothly, though IRS delays in resolving identity theft victim assistance cases are worsening. It took nearly 19 months to resolve self-reported identity theft cases as of January, and Wednesday's report states that now it takes 22 months to resolve these cases.
A.I. Investments Carry Amazon Over $2 Trillion Valuation Threshold
Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday. The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia’s chips are used to power many AI application and its valuation has soared as a result. Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the company’s focus has been on business-focused products.
Load More