Fred's snatches up 865 Rite Aid stores

As part of the FTC's agreement to allow Rite Aid's merger with Walgreens Boots Alliance, the new concern must shed as many as 1,000 stores. Fred's Inc., the Mississippi-based drug chain, is taking advantage of the opportunity by buying 865 Rite Aid stores for $950 million in cash. The acquisition will more than double Fred's presence, primarily in the Southeast, and embed the chain in more urban locations.