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Article: GRASS LEAVES A MIXED LEGACY AT RITE AID.
- Article from:
- WWD
- Article date:
- October 22, 1999
- Author:
CopyrightCOPYRIGHT 1999 Fairchild Publications, Inc. 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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NEW YORK -- After taking the reins of Rite Aid Corp. from his father, Alex, in 1995, Martin Grass put into play a dynamic acquisition and expansion pace that doubled the chain's size, creating the nation's third-largest drugstore retailer.
On Monday evening, Grass resigned his million-dollar-a-year post as chief executive officer, as the chain disclosed it will restate its earnings downward for the last three fiscal years.
Rite Aid, which operates 3,800 stores, is also looking to slash its $5.1 billion debt by selling some stores and possibly unloading at least part of its interest in PCS Health Systems Inc., a pharmacy-benefits manager.
The ...