All I can think about are the shareholders that may find release from the nightmare Rite Aid has been for almost 20 years. I was editor-in-chief of Drug Store News when Bob Miller became CEO of Rite Aid in 1999, just after its former CEO, Martin Grass, was tossed out for financial finagling that eventually landed him in federal jail. Before Miller arrived, Rite Aid stock had plummeted after the company issued the largest earnings correction in U.S. history.
Miller and his successor Mary Sammons were able to restore credibility and keep the company alive, but the stock price never recovered. It was 15 years before Rite Aid stockholders thought they would finally be freed by a Walgreens Boots Alliance buyout, but the FTC nixed that.
At the same time, on the other side of the country, Bob Miller came out of retirement to run Albertsons, a company that had emerged from its deathbed to become a force in the supermarket industry by acquisition. It's interesting that Bob Miller is now "saving" Rite Aid in a way he couldn't in 1999, but Rite Aid is joining a disjointed assemblage of companies that might be #1 or #2 in number in various markets, but the whole is not more than the sum of its struggling parts.