Rite Aid ordered to sell 23 stores by FTC

WASHINGTON The Federal Trade Commission Monday announced it is challenging Rite Aid’s proposed $3.5 billion acquisition of the Brooks and Eckerd pharmacies from the Jean Coutu Group, because of its potential to adversely affect competition. The FTC has entered into a consent agreement and order with Rite Aid and Jean Coutu under which they are required to sell 23 pharmacies to Commission-approved buyers: Kinney Drugs, Medicine Shoppe International, Walgreen Co, Big Y and Weis Markets.

“The consent order with the Commission requires the companies to sell pharmacies in all of the markets where competition would be adversely affected by the proposed transaction,” said Jeffrey Schmidt, director of the FTC’s bureau of competition. “Its strong terms will ensure that consumers continue to have a choice in where they shop for prescription drugs.”