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Rite Aid
Rite Aid was founded in 1962 in Scranton, Pennsylvania by Alex Grass, originally opening as a discount drugstore called Thrift D Discount Center before rebranding as Rite Aid in 1968, and the company grew into the third-largest pharmacy chain in the United States for much of its history. The company pursued a major 1990s acquisition strategy, including the purchase of hundreds of stores from competitors, that significantly expanded its national footprint but also left it carrying substantial debt that shaped much of its later corporate history. Rite Aid filed for Chapter 11 bankruptcy protection twice in recent years, in 2023 and again in 2025, closing hundreds of underperforming stores as part of broader restructuring efforts amid intensifying competition from CVS, Walgreens, and large retailers with pharmacy counters. Rite Aid's combination of its multi-decade run as one of America's three dominant national pharmacy chains and its more recent high-profile financial restructuring has made it one of the most closely watched companies in the contemporary pharmacy retail industry.
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Walgreens
Walgreens was founded in 1901 in Chicago by Charles R. Walgreen Sr., who purchased the drugstore where he had previously worked as a pharmacist, and the company grew over the following century into one of the largest pharmacy chains in American history. The company is widely credited with popularizing the malted milkshake in the 1920s at its in-store soda fountains, a feature that became a defining part of the classic American drugstore experience for decades before being phased out of most locations. Walgreens merged with European pharmacy and health retail giant Alliance Boots in 2014 to form Walgreens Boots Alliance, creating one of the largest pharmacy-led health and wellness companies in the world with a footprint spanning multiple continents. Walgreens's combination of its century-plus American drugstore heritage, including its role popularizing the soda-fountain milkshake, and its transformative merger with Alliance Boots has made it one of the most globally significant pharmacy chains in the industry.
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