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Longs Drug Stores announced that it has signed an agreement to exchange six stores with Rite Aid.
Longs Drug Stores announced that it has signed an agreement to exchange six stores with Rite Aid, including prescription files, fixed assets, and inventory as well as assumed leases for the non-owned stores. On Feb. 28, Longs announced it planned the disposition of 31 stores during the fiscal year ending Jan. 31, 2008. Under the recently announced agreement, Rite Aid expects to receive six stores, including three stores in Washington, two stores in Oregon, and one in California, and the prescription files only of six other Longs Drugs stores in Washington. In exchange, Longs Drugs expects to receive six Rite Aid stores in northern Nevada, including two in Reno, one in Carson City, one in Fallon, one in Sparks, and one in Sun Valley, bringing the total number of Longs Drugs stores in Nevada to 24. The transaction is expected to be completed in the second quarter.