RITE AID CORP
SC 13D/A, 1997-02-11
DRUG STORES AND PROPRIETARY STORES
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                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549
                                  SCHEDULE 13D

                   UNDER THE SECURITIES EXCHANGE ACT OF 1934
                            
                            (AMENDMENT NO. 2)*  
                                           


                             RITE AID CORPORATION
         -------------------------------------------------------------
                                (Name of Issuer)

                                 COMMON STOCK
              ---------------------------------------------------
                        (Title of Class of Securities)

                                   767754104
                   -----------------------------------------
                                 (CUSIP Number)

                             Jonathan D. Sokoloff
                         Green Equity Investors, L.P.
                      333 South Grand Avenue, Suite 5400
                             Los Angeles, CA 90071
                                (213) 625-0005
      ------------------------------------------------------------------
                 (Name, address and telephone number of person
               authorized to receive notices and communications)

                               February 10, 1997
       ------------------------------------------------------------------
            (Date of event which requires filing of this statement)

If the filing person has previously filed a statement on Schedule 13D to report 
the acquisition which is the subject of this Schedule 13D, and is filing this 
schedule because of Rule 13d-1(b)(3) or (4), check the following box [_].

Note. Six copies of this statement, including all exhibits, should be filed with
the Commission.  See Rule 13d-1(a) for other parties to whom copies are to be 
sent.

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

                               Page 1 of 4 Pages
<PAGE>
 
- -----------------------
  CUSIP NO. 767754104                   13D
- -----------------------
- ------------------------------------------------------------------------------

      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

      Green Equity Investors, L.P.

- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
                                                                (b) [X]
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 
- ------------------------------------------------------------------------------
      SOURCE OF FUNDS
 4
      00

- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO 
 5    ITEM 2(d) OR 2(e)                                             [_]
   
- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6    
      Delaware

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7   
     NUMBER OF            None
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                          None
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9    
    REPORTING             None
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                          None

- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 11  
      None

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
 12                  
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
 13    
      0%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
 14
      PN

- ------------------------------------------------------------------------------

                     *SEE INSTRUCTION BEFORE FILLING OUT!

                               Page 2 of 4 pages
<PAGE>
 
     Reference is made to that certain Schedule 13D dated January 10, 1997 (the
"Original Schedule 13D"), as amended by Amendment No. 1 thereto dated January
28, 1997 ("Amendment No. 1" and, together with the Original Schedule 13D, the
"Schedule 13D") filed by Green Equity Investors, L.P., a Delaware limited
partnership ("GEI"). Capitalized terms used and not defined in this Amendment
have the meanings given to them in the Schedule 13D. This Amendment amends and
supplements the Schedule 13D in the respects set forth below.

ITEM 5.   INTEREST IN SECURITIES OF THE ISSUER

     As contemplated by Item 4 to Amendment No. 1, on February 10, 1997 GEI 
distributed the Rite Aid Shares to its investors in accordance with their 
respective proportionate interests in such distribution as specified in GEI's 
partnership agreement. As a result of such distribution, GEI no longer owns any 
shares of Rite Aid Common Stock and therefore will have no further Schedule 13D 
reporting obligations with respect to Rite Aid Common Stock.


                               Page 3 of 4 pages
<PAGE>
 
                                   SIGNATURE

     After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certifies that the information set forth in this
statement is true, complete and correct.


Dated: February 11, 1997


                         Green Equity Investors, L.P.,
                           a Delaware limited partnership

                         By:  Leonard Green & Associates, L.P., 
                              a Delaware limited partnership, 
                              its general partner


                         By:  /s/ Jonathan D. Sokoloff
                              -----------------------------
                              Jonathan D. Sokoloff
                              General Partner of Leonard
                              Green & Associates, L.P.

                               Page 4 of 4 pages


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