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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 3, 1994
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RITE AID CORPORATION
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(Exact name of registrant as specified in charter)
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Delaware 1-5742 23-1614034
(State or other jurisdic- (Commission (IRS Employer Iden-
tion of incorporation) File Number) tification No.)
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30 Hunter Lane
Camp Hill, Pennsylvania 17011
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(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code: (717) 761-2633
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Not applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events
Rite Aid Corporation entered into definitive contracts for the
sale of two of its subsidiaries, ADAP, Inc. and Sera-Tec
Biologicals. A copy of the press release announcing the sale of the
subsidiaries is included in this Form 8-k filing as Exhibit 99.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
Rite Aid Corporation
Date: August 5, 1994 BY: /s/ Frank Bergonzi
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Frank Bergonzi
Senior Vice President,
Finance
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EXHIBIT 99
(RITE AID CORPORATION LETTERHEAD)
PRESS RELEASE
For further information contact:
Frank Bergonzi
Senior Vice President, Finance
(717) 975-5750
FOR IMMEDIATE RELEASE
RITE AID ANNOUNCES AGREEMENTS TO SELL TWO SUSIDIARIES
Camp Hill , PA (August 3, 1994) - Rite Aid Corporation (RAD-NYSE,
PSE), today announced that it entered into definitive contracts for the sale
of ADAP, Inc. and Sera-Tec Biologicals. These dispositions are part of the
restructuring strategy announced on January 7, aimed at focusing resources
entirely on drugstore related businesses.
The stock of ADAP, a chain of 96 auto parts stores, is being sold in a cash
transaction for $75 million that is scheduled to close in October.
Sera-Tec Biologicals, which provides plasma for use in therapeutic and
diagnostic products, is being sold for $70 million in a cash transaction that
is expected to close at the end of September.
The businesses were purchased by various investors including Alex Grass,
Chairman and Chief Executive Officer of Rite Aid. As previously announced,
Mr. Grass is relinquishing the title of Chief Executive Officer on March 4,
1995, the end of the current fiscal year.
The businesses were sold based on a competitive bid process conducted by
Donaldson, Lufkin, & Jenrette and a special committee of outside Rite Aid
directors.
Proceeds, estimated to be $130 million after income taxes and expenses, will
be used to reduce corporate debt, fund the current share repurchase program
and for general working capital needs.
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