Brooks stores are sold; Rite-Aid buys 167 pharmacies.(BUSINESS)

Telegram & Gazette (Worcester, MA) | June 5, 2007 | Copyright

Byline: Marc Levy

HARRISBURG, Pa. - Rite Aid Corp. said yesterday it has closed an approximately $4 billion cash-and-stock deal to add more than 1,850 Brooks and Eckerd stores - including 167 Brooks stores in Massachusetts - in a bid to keep up with its rapidly growing competitors.

The nation's third-largest drugstore chain will expand its already strong presence on the East Coast, although some analysts have criticized the price being paid for underperforming stores.

The acquisition is Rite Aid's first major deal after a turnaround team arrived in late 1999 to pull ...

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