RITE AID CORP
424B3, 1997-04-25
DRUG STORES AND PROPRIETARY STORES
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<PAGE>
 
                                                FILED PURSUANT TO RULE 424(b)(3)
                                                      REGISTRATION NO. 333-21207



PROSPECTUS SUPPLEMENT
(TO PROSPECTUS DATED FEBRUARY 11, 1997)



                              RITE AID CORPORATION


     This Prospectus Supplement supplements the Prospectus dated February 11,
1997 (the "Prospectus") of Rite Aid Corporation (the "Company") relating to
shares of Common Stock, par value $1.00 per share, of the Company which may be
offered by the Selling Stockholders from time to time.  This Prospectus
Supplement is not complete and may only be delivered with the Prospectus.  Terms
used in this Prospectus Supplement that are defined in the Prospectus are used
herein as so defined.

     This Prospectus Supplement restates in its entirety the information set
forth under the caption "Selling Stockholders" in the Prospectus.

                                _______________



            THE DATE OF THIS PROSPECTUS SUPPLEMENT IS APRIL 25, 1997
<PAGE>
 
                              SELLING STOCKHOLDERS

     The following table sets forth certain information as of the date of this
Prospectus Supplement with respect to shares of Common Stock owned by the
Selling Stockholders which are covered by the Prospectus.  Except as set forth
below, the number of Shares offered pursuant to this Prospectus Supplement and
the accompanying Prospectus for the account of each of the Selling Stockholders
equals the total number of shares of Common Stock owned by each of the Selling
Stockholders as of the date of this Prospectus Supplement.
<TABLE>
<CAPTION>
 
                                                                Common Stock Ownership
                                                                Prior to the Offering(2)
                                                                -------------------------
Name of Selling Stockholders(1)                                  Number        Percentage
- -------------------------------                                 ---------      ----------
<S>                                                             <C>            <C>
 
     BT Investment Partners, Inc.............................     176,735            *
     Greyson Bryan...........................................       7,393            *
     Chemical Investments, Inc...............................     176,735            *
     John G. Danhakl(3)......................................      49,231            *
     GANMAX, Inc.............................................      32,559            *
     Jackson W. Goodall Jr. & Mary E. Goodall, Trustees of
      the Goodall Family Trust DTD 2/9/83(4).................      40,848            *
     Leonard I. Green(5).....................................      16,261            *
     Pruco Life Insurance Company............................      70,694            *
     Jonathan D. Sokoloff....................................     325,218            *
     South Ferry No. 2, L.P..................................     106,041            *
     Tardy-Green, Inc.(5)....................................     709,148            *
     The Prudential Insurance Company of America(6)..........   1,343,185            *
     Christopher V. Walker...................................     371,724            *
     Willow III, Inc.........................................      32,559            *
                                                                ---------
        Total................................................   3,458,331
                                                                =========
- ---------------
</TABLE>
*    Less than 1%.

(1)  Includes any distributees, pledgees, donees, transferees or other
     successors in interest of any Selling Stockholders.  Information concerning
     the identity of any such persons and their sales of shares of common Stock
     will be set forth in an amendment or supplement to the Prospectus.  See
     "Plan Of Distribution" in the Prospectus.

(2)  Based on 122,809,874 shares of Common Stock outstanding on March 1, 1997,
     which includes shares of Common Stock issuable as a result of the Thrifty
     PayLess Merger upon surrender of the certificates formerly representing
     shares of Thrifty PayLess common stock.

(3)  In addition to the Shares shown above, Mr. Danhakl owns 50,156 shares of
     Common Stock not covered by the Prospectus.

(4)  In addition to the Shares shown above, the Goodall Family Trust owns 56,822
     shares of Common Stock not covered by the Prospectus.

(5)  Leonard I. Green, who became a member of the Board of Directors of the
     Company on January 8, 1997, owns all of the stock of Tardy-Green, Inc.
     Tardy-Green, Inc. sold an aggregate of 220,000 Shares on the NYSE pursuant
     to Rules 144 and 145 promulgated under the Securities Act of 1933 over the
     two-day period April 8 and 9, 1997.

(6)  In addition to the Shares shown above, The Prudential Insurance Company of
     America owns 62,300 shares of Common Stock not covered by the Prospectus.


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