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In Brief: Rite Aid

This article was originally published in The Tan Sheet

Executive Summary

Rite Aid: Kmart selling its 5.6% common stock stake (6.9 mil. shares) in the Harrisburg, Penn.-based drug store chain to reduce debt, according to a Dec. 20 filing with the Securities & Exchange Commission. Kmart, which had been a Thrifty Payless stockholder, acquired the stock in the merger of Rite Aid and Thrifty Payless announced in October and completed Dec. 12, making the discount retailer the sixth-largest stakeholder in Rite Aid ("The Tan Sheet" Oct. 21. 1996, p. 19). Based on the current price of Rite Aid stock, Kmart's stake is worth approximately $271 mil...
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