OR WAIT 15 SECS
Rite Aid Corp. announced that the Pennsylvania Department of Community And Economic Development has awarded $1.45 million to the company to help fund the creation of at least 350 new jobs, expansion of headquarters facilities in Cumberland and York Counties, and new associate training programs. The grants are to help Rite Aid prepare for its pending acquisition of about 1,850 Brooks and Eckerd drugstores and six Brooks and Eckerd distribution centers. The funding includes a $500,000 Opportunity Grant to be used for costs associated with expansion of the Rite Aid headquarters facilities, Job creation tax credits of $700,000 to help add at least 350 local jobs over the next three years, and $250,000 for customized job training costs. Rite Aid will spend up to $11.2 million to expand its corporate facilities as part of the acquisition. Commenting on the funding, Rite Aid president/CEO Mary Sammons said, "We greatly appreciate the support ? to help Rite Aid grow to approximately 5,000 stores, strengthen our position as the third-largest national drugstore chain, and become the largest drugstore chain on the East Coast."