In October of 2016, Rite Aid Corporation announced that it had agreed to purchase Thrifty for $3.9 billion in a cash and stock deal.
The acquisition was seen as a strategic move for Rite Aid as it sought to expand its consumer base and compete against larger retailers such as Walmart and Kroger.
The deal was finalized in January of 2017, and shortly thereafter Rite Aid began to make changes to its operations. In an effort to streamline its operations, Rite Aid eliminated 1,500 jobs and closed 140 stores.
The company also announced that it would transition its pharmacy business to a model where patients would be able to get prescriptions from participating pharmacies rather than through a single store.
While the deal may have been seen as a strategic move by Rite Aid, it has been met with mixed reviews by some customers. Some have argued that the acquisition has led to higher prices and reduced selection at Rite Aid stores.
Others have argued that the changes represent a necessary step in order for Rite Aid to compete against larger retailers.
Ultimately, it is difficult to determine the effect the Thrifty acquisition has had on Rite Aid. While the company has made some changes in an effort to streamline its operations, it is still largely a same-old, same-old store.
While the acquisition may have been seen as a strategic move by Rite Aid, it is unlikely to make a significant impact on the company’s overall performance.
