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Drugstore Giant Rite Aid Paints Brighter Financial Picture.
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The Patriot-News (Harrisburg, Pennsylvania) (viaKnight-Ridder/Tribune Business News)
- Article date:
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March 16, 2002
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Copyright informationCOPYRIGHT 2002 The Patriot-News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Tom Dochat
Mar. 16--The road to recovery for Rite Aid Corp. has been an emotional roller-coaster ride.
Last August, the East Pennsboro Twp.-based drugstore chain could not have been happier at its annual conference with store managers and suppliers in Baltimore.
The company had just wrapped up a complex refinancing package that would postpone any major debt payments until 2005, and sales of general merchandise in its stores were outpacing competitors in the industry.
By January, however, it seemed as if the air had gone out of the balloon when disappointing fiscal third-quarter financial results were reported and the stock took a hit.
The weaker ...
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