NEW YORK (Legal Newsline) — New York Attorney General Eric T. Schneiderman announced Sept. 19 that Walgreens has agreed to restructure its acquisition deal with Rite Aid to address concerns the acquisition could harm competition in the New York City area.
Walgreens initially wanted to acquire 456 Rite Aid stores in New York state. The company has agreed to acquire fewer stores in the state and specifically the New York City metropolitan region. It will acquire 272 New York stores, and Rite Aid will still own 327. Additionally, Walgreens will acquire 13 fewer stores than originally planned in Connecticut and 34 fewer in New Jersey.
“Retail pharmacy chains fill the majority of prescriptions in many areas of New York state,” Schneiderman said. “Vigorous competition between pharmacy chains keeps down the cost of filling a prescription, which benefits New York consumers and businesses by preserving choice and keeping costs low. We’ll continue to keep close tabs on consolidation in the retail pharmacy space to ensure New Yorkers get the lower prices, greater choices, and better service they deserve.”
Handling the case for New York are assistant attorney general Amy McFarlane and special assistant attorney general Mary Ellen Burns of the antitrust bureau.