Walgreens to close 600 Rite Aid stores

Walgreens Boots Alliance Inc. announced it would close 600 Rite Aid stores as part of its deal to acquire the drugstore chain.

Illinois-based Walgreens agreed to purchase 1,932 stores, three distribution centers and related inventory from Rite Aid for an all-cash purchase price of $4.375 billion on a cash-free, debt-free basis. Rite Aid will retain approximately 250 additional stores as compared to the prior agreement announced between Rite Aid and Walgreens in June 2017.