Great Atlantic & Pacific Tea Co. (A&P) received approval from a U.S. bankruptcy court to sell pharmacy assets and inventory from 12 of its 25 in-store pharmacies to Rite Aid for $8.1 million. Rite Aid will pay $5.73 million for pharmacy records and up to $2.31 million for store inventory. The Rite Aid sale will close no later than September 10, according to court documents.
As part of the deal, Rite Aid will notify customers in writing that their prescription information is being moved.
A&P received seven bids for pharmacy assets at 22 of the 25 stores it is immediately closing, with the Rite Aid deal being the only one that exceeded the $5 million threshold that required judicial approval.
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A&P filed for chapter 11 bankruptcy in July for the second time in five years, which included plans to sell 120 stores and close 25 stores. The supermarket retailer is continuing to attempt to sell approximately 150 other locations. The stores that do not sell will likely be closed.
