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Rite Aid, Albertsons -- With $83 Billion In Revenue -- To Merge

Rite Aid in Mount Kisco. Photo Credit: Google Maps
Rite Aid in Hasbrouck Heights. Photo Credit: Google Maps
Rite Aid in New Windsor. Photo Credit: Google Maps

Supermarket giant Albertsons said Tuesday, Feb. 20 that it plans to buy the remnants of the struggling Rite Aid drugstore chain, according to multiple news reports.

But this report by Fortune said Albertsons might be buying a lemon in Rite Aid.

Albertsons is touting a better ability to serve pharmacy customers as one of the merger's potential benefits.

But in Rite Aid, Albertsons, a chain which operates grocery stores such as Safeway and Jewel-Osco on top of its namesake, is buying a severely diminished drugstore chain, Fortune reported.

Meanwhile, Walmart saw its stock drop by more than 10 percent on weak profit in reaction to the news

Both can blame Amazon, according to The New York Times in this article.

The old-line grocer, Albertsons, is striving for reinvigoration in a retail landscape being upended by e-commerce competitors and discount food stores. But it can be difficult for any company, no matter how strategic its deal-making, to pull off a revival in this environment, The Times reported.

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