Fred’s snatches up 865 Rite Aid stores
December 20, 2016
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.
Recent News
Tesla Recalls Cybertruck Due to Stuck Accelerator Pedal
Tesla is recalling almost 4,000 Cybertrucks due to a sticking accelerator pedal. The problem stems from an unauthorized lubricant used during assembly, which reduces the pad’s grip on the pedal.
Trader Joe’s Recalls Organic Basil Product Linked to Salmonella Outbreak
The company’s Infinite Herbs Organic Basil product is recalled due to a possible salmonella contamination.
Procter & Gamble Reports Mixed Results After Price Hikes
Procter & Gamble’s recent quarterly results showed a mix of gains and setbacks. Despite facing challenges in attracting shoppers due to increased prices over the past two years, the company managed to exceed earnings expectations.
JetBlue and Southwest Airlines Collision Narrowly Avoided at Reagan National Airport
An air traffic controller instructed one plane to cross the runway at the same time a second plane was taking off.