Walgreens, Rite Aid to sell 865 stores to Fred’s Pharmacy

Fred’s operates stores in 15 southeastern states. The deal makes sense for Fred’s to buy some Walgreens operations because the management team at Fred’s knows the Walgreens operations and its real estate quite well. Fred’s CFO Rick Hans was a top finance and real estate executive at Walgreens for more than 25 years and helped develop more than 250 Walgreens stores. Hans joined Fred’s earlier this year.Fred’s wants to shift from its “past heritage as Fred’s Super Dollar” to focus on “personal healthcare,” the company has said. Fred’s has 648 discount general merchandise stores, but not all have pharmacies. There are 370 “full-service pharmacy departments located within Fred’s stores,” the company’s website says.

Source: Walgreens, Rite Aid to sell 865 stores to Fred’s Pharmacy

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