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Rite Aid
Rite Aid is a drugstore chain in the United States and a Fortune 500 company headquartered in East Pennsboro Township, Cumberland County, Pennsylvania, near Camp Hill.〔"(Contact Us )." Rite Aid. Retrieved on June 19, 2010. "Contact our Home Office 30 Hunter Lane Camp Hill, PA 17011."〕〔"(Zoning Map )." East Pennsboro Township, Cumberland County, Pennsylvania. Retrieved on June 19, 2010.〕 Rite Aid is the largest drugstore chain on the East Coast and the third largest drugstore chain in the U.S. An offer was presented by Walgreens Boots Alliance in October 2015. Rite aid accepted the offer and is currently pending government antitrust committee approval. If approved Walgreens would form the world's largest retail pharmacy chain in terms of number of locations.
Rite Aid began in 1962 as a single store opened in Scranton, Pennsylvania called Thrift D Discount Center. After several years of growth, Rite Aid adopted its current name and debuted as a public company in 1968. Today, Rite Aid is publicly traded on the New York Stock Exchange under the ticker RAD. Rite Aid reported total sales of US$ 25.5 billion in fiscal year 2014. In 2008, its market capitalization dropped to under $500 million. , the market capitalization of Rite Aid was about $7.15 billion.〔
〕 Its major competitors are CVS and Walgreens. Walgreens announced on October 27, 2015 that it would acquire Rite Aid for $17.4 billion pending approval.
== History ==
Alex Grass founded the Rite Aid chain in Scranton, Pennsylvania in September 1962. The first store was called Thrift D Discount Center, a health and beauty aids store, without a pharmacy. It was an offshoot of Rack Rite Distributors, a subsidiary of his father-in law’s Lehrman & Sons which Alex Grass launched in 1958, that rented and stocked racks with health and beauty aids in grocery stores. In 1965 their 23rd store added a pharmacy and the company name was changed to Rite Aid.〔(【引用サイトリンク】url=http://www.nndb.com/people/621/000179084/ )〕 Through acquisitions and new stores, Rite Aid quickly expanded into 5 northeast states by 1965. The chain was officially named Rite Aid Corporation in 1968 and made its debut on the American Stock Exchange. It moved to the New York Stock Exchange in 1970. In 2011, Rite Aid was ranked #100 on Fortune 500 Largest U.S. Corporations.
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