Rite-Aid
This article was originally published in The Tan Sheet
Executive Summary
Announces "major restructuring" on Jan. 7 that includes a cash self-tender offer for up to 22 mil. of Rite-Aid common shares (at $16-18.50 per share) that will begin Jan. 10; the planned sale of Rite-Aid's four non-drugstore businesses (Encore Books, ADAP, Concord Custom Cleaners and Sera Tec Biologicals); and the closing of "200 under-performing drugstores and elimination of other assets causing a pre-tax write-off of $149.2 mil." The 200 as- yet-unnamed drug stores will be closed "within the next six months," Rite-Aid said