Rite Aid, Longs Drugs to Swap Stores

CAMP HILL, Pa. -- Rite Aid here and Longs Drug Stores, Walnut Creek, Calif., reported that they signed an agreement to exchange six stores. The swap is a part of Longs Drugs' planned disposition of 31 stores during the fiscal year ending Jan. 31, 2008. Under the agreement reported last week, Rite Aid expects to receive six of the 31 stores including three in Washington, two in Oregon and one in California. Rite Aid will also receive the prescription files of six other Longs Drugs stores in Washington. In exchange, Longs Drugs expects to get six Rite Aid stores in northern Nevada, including two in Reno, and one each in Carson City, Fallon, Sparks and Sun Valley, bringing the total number of Longs Drugs stores in Nevada to 24. The transaction is expected to close by the end of May. Terms of the agreement were not disclosed.